24 May 2012 05:23 [Source: ICIS news]
SINGAPORE (ICIS)--China-based Trina Solar swung to a net loss of $29.8m (€23.8m) in the first quarter of 2012 from a net profit of $47.7m in the same period a year earlier on the back of lower prices, the photovoltaic products maker said late on Wednesday.
"While we maintained relatively strong shipments in a seasonally low first quarter, continued module price declines adversely impacted our profitability despite significant cost improvements," said Gao Jifan, chairman and CEO of Trina Solar.
The company’s sales slipped by 36% year on year to $349.9m in this year’s first quarter, it said in a statement.
Its operating expenses fell by 9.9% year on year to $60.1m in the first quarter, while its overall loss from operations dropped to $39.9m from $84.5m in the same period in 2011, the company said.
For the second quarter of this year, the company expects to ship between 500MW and 520MW of photovoltaic modules.
($1 = €0.80)
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