Sunpower Group, the China-based manufacturer of energy-efficient, energy-saving and environmental protection products, says it recorded a year-on-year increase of 46.5% in net profit after tax to RMB10.7 million ($2.1 million) for the first three months ended 31 March 2010 (1Q2010) on the back of a y-o-y increase of 53.2% increase in revenue to RMB161.5 million.

The double-digit growth was due to higher contract deliveries arising from the group’s Heat Exchangers and Pressure Vessels segment, Pipe Supports segment and Energy Saving & Environmental Protection segment during the quarter in review.

Selling and distribution expenses decreased y-o-y by 10.5% to RMB5.5 million in 1Q2010 from RMB6.1 million in 1Q2009. Administrative expenses increased 34.6% to RMB23.3 million due to increased manpower costs arising from higher staff count and higher research expenses.

Net profit margin decreased slightly to 6.6% in 1Q2010 from 6.9% in 1Q2009.

Despite an increase in revenue for 1Q2010, trade receivables decreased by 11.5% to RMB357.5 million as at 31 March 2010.