Thursday, December 20, 2007

LDK Solar's 3rd-Qtr Profit Skyrockets

2007 The Associated Press

NEW YORK — Chinese solar wafer maker LDK Solar Co. Ltd., which went public in the U.S. in June, said Wednesday its third-quarter profit leaped 40 percent on strong demand for its wafers and the expansion of its customer base.

But investors weren't impressed and the company's American Depository Shares tumbled $2.11, or 3.2 percent, to $64 in aftermarket trading, after falling $3.89, or 5.6 percent, to $66.11 in the regular session.

For the three months ended Sept. 30, LDK earned $41.6 million, or 37 cents per American Depository Share, compared with $5 million, or 4 cents per American Depository Share, for the same quarter in 2006.

Revenue soared more than five-fold to $158.7 million from $31.5 million in the year-ago period.
Analysts polled by Thomson Financial expected a profit of 37 cents per share on $143.2 million in revenue.

LDK officials said wafer demand remained strong throughout the quarter and the company signed four long-term wafer supply contracts during the period.

LDK Solar Expects to Meet Capacity Goal

2007 The Associated Press

NEW YORK — Chinese solar wafer maker LDK Solar Co. Ltd. on Wednesday issued a fourth-quarter revenue projection well ahead of current Wall Street predictions and said it remains on track to meet its capacity goal for the year.

LDK said it expects to post a fourth-quarter profit of 40 cents to 43 cents per American Depository Share on $180 million to $185 million in revenue.

Analysts polled by Thomson Financial expect a profit of 41 cents per American Depository Shares on $167.5 million in revenue.

The company also said it expects wafer shipments to total between 87 megawatts and 92 megawatts and remains on track to meet its wafer production capacity goal of 400 megawatts by the end of 2007.

LDK American Depository Shares tumbled $2.11, or 3.2 percent, to $64 in aftermarket trading, after falling $3.89, or 5.6 percent, to $66.11 in the regular session.

China Sunergy Names Kenneth Luk as Chief Financial Officer

December 19, 2007: 07:30 AM EST

NANJING, China, Dec. 19 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has appointed Mr. Kenneth Luk as its new Chief Financial Officer ("CFO") with immediate effect.

Mr. Luk brings over 20 years experience in finance and accounting to his new position, having previously worked at Motorola Semiconductors for 14 years and most recently for 3 years for Freescale Semiconductor. Mr. Luk began his career with HSBC, where he worked for 7 years as Resident Officer.

"I am delighted that Kenneth Luk is joining our team and we are all pleased to welcome him aboard," commented Mr. Allen Wang, Chief Executive Officer of China Sunergy. "Kenneth offers a broad wealth of experience as reflected by his previous roles at Motorola Semiconductors and Freescale Semiconductor, and he is joining us at an exciting time. I strongly believe that his skills and experience will benefit us enormously."

At Motorola, Mr. Luk was first employed as the Credit Manager of the Asia Pacific Semiconductor Product Sector before being promoted to Credit and Marketing Finance Controller in 1994 and further promoted to become the Asia Sector Controller in 2002. After being spun-off from Motorola in 2004, the Semiconductor Product Sector became an independent company and changed its name to Freescale Semiconductor, where Mr. Luk was employed as the Asia Corporate Controller. In that capacity, he was in charge of all corporate finance and accounting activities in Asia including fiduciary and corporate governance, financial reporting and SOX compliance, corporate tax, cost accounting and credit management, as well as all transactional accounting activities.

Mr. Luk remarked: "I am honored to be appointed as the CFO of China Sunergy and look forward to working closely with Allen and my other colleagues. The Company is entering an important stage of development and I believe that my experiences will be able to strengthen what is an already strong management team."

Mr. Luk received his Bachelor of Arts in Economics from the University of Toronto and his MBA from York University.

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit .