Perfectenergy International Ltd (PFGY.OB) is a Shanghai-based company which specializes in designing, developing, and manufacturing solar cells, solar modules, and photovoltaic systems. Perfectenergy sells to a number of systems integrators located throughout the EU, China, Asia, and the US.
Perfectenergy implements a proprietary manufacturing process that enables the production of photovoltaic solutions at a substantially lower cost than the industry norm. This allows the company to provide customers with better-priced and highly productive customized products.
On September 15th, 2008, Perfectenergy announced financial results for the 3rd quarter of 2008 ended July 31, 2008. Revenues rose 380% to $17.7 million from $3.7 million for the same period in 2007. Net income for the 3rd quarter 2008 was $2.5 million versus a net loss of $0.1 million for the same period in 2007. Gross profit for the 3rd quarter 2008 totaled $1.3 million compared to only $93,655 in the same period last year.
Perfectenergy attributed their improved performance to the expansion of the company’s solar cell and solar module production facility in May 2008. This allowed the company to meet the demand from their existing sales backlog in the key geographic areas of the UK, Germany, and Spain. The company also benefitted from a product mix favoring higher-margin PV module products.
The company plans to continue to expand their manufacturing facilities. Perfectenergy expects construction of their new solar cell production facility, which will give the company production capacity of 200 Mw, to begin in October and be completed in late 2009.
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