NEVADA, USA: Universal Solar Technology, Inc. (OTCBB: UNSS) announced results for the first quarter ended March 31, 2011.
Net sales were $955,011 for the first quarter of 2011. All revenues were generated from selling of silicon wafers that were produced in the Company's newly constructed manufacturing facilities in Henan province, PRC. During the comparable period in 2010, the Company did not realize any revenue.
Gross profit for the three months ended March 31, 2011 was $39,066, representing gross profit margin of 4.1 percent. During the three months ended March 31, 2011, market price of silicon wafers were unexpectedly low due to decrease in selling price of solar cells products.
Net loss increased by $11,740 or 4.7 percent to $260,382 for the three months ended March 31, 2011 from $248,642 for the comparable period in 2010.
During three months ended March 31, 2011, the company raised $456,042 from local financial institutions; and related parties, including the CEO, President and companies they control advanced 341,702 to the company.
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