I haven't had time to do more than skim, one point that jumped out is the effect of switching from the Renminbi to the dollar for their functional currency.*
...We realized a foreign currency exchange gain of $10.5 million net of the loss on change in sale value of derivative in the second quarter of 2009, compared to a $7.6 million loss in the first quarter of 2009.
During the second quarter, we maintained our hedging measures through our forward currency contract instrument and enhanced our natural hedge effect through a foreign currency denominated account receivables and accounts payables on our balance sheet.
Net income was $18.9 million in the second quarter of 2009, an increase from a $10.6 million loss in the first quarter and a $17.1 million profit in the second quarter of 2008. Net income includes a foreign currency exchange gain of $10.5 million net of loss on change in self-value of derivative and an accounts receivable write-off of approximately $5 million.
Net margin was 12.6% in the second quarter of 2009 compared to negative 8.0% in the first quarter of 2009 and 8.4% a year ago....MORE
Attention Trina Solar Investors: Currency Watch (TSL)
Trina's shareholders are likely to see a major positive from the company's decision to use the U.S. dollar as their functional currency, at least for the current (third) quarter. Trina's renminbi denominated balance sheet items should require a much smaller charge than the $6.1 mm in Q2. From Hard Assets Investor:
...The currency dodged a bullet in July, going into the month worth 14.59 U.S. cents, peaking at 14.70, then sliding into August at 14.66.
The renminbi dipped to 14.57 cents on August 19.