Jetion Holdings, the solar cell manufacturer based in China’s Jiangsu province, quadrupled pre-tax profits last year after doubling its production lines to four. Profits rose to $20.1m on sales up from $104m to $250m.

Gabriel Kow, chairman, said the first nine months of the year had proved strong, but described the fourth quarter as “turbulent”. Because of the credit crunch customers had cancelled orders, and there had been some destocking. At the same time the company had to write-off more than $1m on silicon stocks after a fall in prices.