PV conductive paste maker Giga Solar Materials has reported NT$1.18 billion (US$41 million) or NT$34.18 a share in pre-tax profits for 2010. The company turned in NT$2.677 billion in revenues for the year, up 240% from a year ago, and NT$1.271 billion in operating profit on a 47.44% operating profit margin.

Giga Solar has a strong presence in both the Taiwan and China markets, and the company is aiming to increase its China market share as the main driver for revenue and profit growth. Giga Solar is expected to report a 20% sequential growth in first-quarter 2011 revenues, according to analysts.

Due to aggressive expansion of solar cell capacity in China, demand for conductive paste will rise as well, the company noted. Taiwan and China currently represent 55% and 45%, respectively, of Giga Solar's aluminum paste sales, but China could overtake Taiwan in the second half of the year.

For silver-aluminum paste, Giga Solar is working with several major clients and is in the final phase of product approval. Silver-aluminum paste will account for 20% of its revenues in 2011, up from about 5% in 2010.