(Yicai Global) April 28 -- Net profits at Chinese solar panel manufacturers surged in the first quarter from a year ago because of lower raw material costs and China’s economic recovery.

Net profit at Trina Solar, the country’s biggest solar panel maker, jumped 225 percent to CNY1.8 billion (USD255.6 million) in the three months ended March 31, while that at rival JA Solar Technology climbed 245 percent to CNY2.6 billion. JA Solar set a new profit-per-watt record of 22 Chinese cents (3 US cents), Yicai Global learned, up from 14 Chinese cents a year ago.

Risen Energy’s and GCL System Integration Technology’s profits rose 46 percent and 25 percent to CNY311 million (USD45 million) and CNY18.7 million (USD2.7 million), respectively, in the quarter.

Prices of polycrystalline silicon used in photovoltaic cells have been falling since the start of the year. The average price for silicon materials sank by more than 20 percent in China to below CNY200,000 (USD28,915) a ton on April 19 from the Chinese New Year holiday in late January, according to data from the Silicon Industry of China Nonferrous Metals Industry Association.

The first quarter is also a traditional slack season for the PV industry. Between January and March this year, however, China’s newly-installed solar power generation capacity was nearly 33.7 million kilowatts, up 155 percent from the same period last year, National Energy Administration figures showed.

Changzhou-based Trina logged a 40 percent leap in first-quarter revenue to CNY21.3 billion (USD3.1 billion). JA Solar, headquartered in Beijing, saw income jump 66 percent to CNY20.5 billion. Revenues at Risen Energy and GCL grew 25 percent and 20 percent to CNY6.8 billion and CNY1.6 billion, respectively.

Editor: Futura Costaglione