ReneSola Ltd., a Chinese maker of wafers used in solar panels, said first-quarter profit rose more than four-fold amid rising demand for alternative energy sources.
Net income climbed to $6.4 million for the 3 months ended March 31 from 1.5 million in the fourth-quarter, Zhejiang, China- based ReneSola said today in a PR Newswire statement. Sales rose 2.8 percent to $35.6 million.
Demand for solar panels is soaring as record oil prices and efforts to reduce carbon emissions, a possible cause of global warming, prompt individuals and companies to move away from traditional power sources.
In a separate statement, ReneSola announced a ``significant increase'' in its planned 2007 production capacity, to 373 megawatts from the 265 megawatts announced for the year last November.
Shares of ReneSola rose 20 pence, or 3.7 percent, to 555 pence in London, giving the company a market value of 555 million pounds ($1.1 billion). The shares have gained 31 percent this year and more than 600 percent since they listed on London's Alternative Investment Market in August 2006.
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