China-based solar wafer producer turned project developer, United Photovoltaics said in a financial statement that it expected to make a profit after tax of around US$46.5 million in the first-half of 2014.

Indicating a major turnaround in its business, having posted several years of losses, United PV’s reversed fortunes were attributed to its move downstream and acquisition of PV power projects in 2013.

The company recently revealed a 145,373MWh aggregated electricity generation of its PV power plant portfolio for the second quarter of 2014, while electricity generation for the six months of 2014 had amounted to approximately 242,024MWh.