Solarfun Reports Second Quarter 2009 Results

Solarfun Power Holdings Co., Ltd. (SOLF .NASDAQ), a vertically integrated manufacturer of silicon ingots, wafe rs and photovoltaic (PV) cells and modules in China, today reported it s unaudited financial results for the quarter ended June 30, 2009. Total net revenues were 854.6 million yuan (125.1 million US dollars ) in the second quarter of 2009, representing a decrease of 36.8 perce nt from 1,352.2 yuan million in the second quarter of 2008, but an inc rease of 24.9 percent from 684.2 million yuan in the first quarter of 2009.

PV module shipments reached 64.3 MW in the second quarter of 2009, an increase from 43.1 MW in the second quarter of 2008 and 35.7 MW in the first quarter of 2009.

Average selling price further declined, as expected, to 2.66 US dol lars per watt in the second quarter of 2009 from 2.78 US dollars per w att in the first quarter of 2009, primarily due to the decrease in the market prices of PV products.

The company's operating loss was121.9 million yuan (17.8 million US dollars) in the second quarter of 2009, compared to an operating prof it of 116.4 million yuan in the second quarter of 2008 and an operatin g loss of 15.3 million yuan in the first quarter of 2009. "These r esults reflect the significant progress we have made in reducing our r aw material costs and returning the company to profitability prior to the one-time, non-cash provision, " said Peter Xie, President of Solar fun.

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