Taiwanese PV cell manufacturer Gintech Energy Corporation (Gintech) has released its unaudited financial results for July 2016. Decline in PV cell shipments and average selling prices (ASPs) have lowered the company’s net sales as well as revenues significantly.

Gintech reported net sales in July 2016 of NT$846 million, down 40.9% MoM from NT$1,434 million in June, and down 42.7% YoY from NT$1,479 million in July 2015.

“Our monthly revenue declined due to lower shipment volumes as well as decreases in average selling prices as a result of market weakness and lower outsourcing demand from Chinese customers,” stated Gintech in the release.

Gintech has selectively spread out orders to avoid account receivable risks and irrational price competitions. To maintain a better management to its inventory level over the weak market circumstances, Gintech plans to cut productions for a while. The company believes that it is correct to reduce taking orders with unreasonable conditions for enhancing shareholders’ value.