US First Solar Q3 net profit falls by 55.3%, sales falls by 17%

02 November 2012 03:42  [Source: ICIS news]

SINGAPORE (ICIS)--US First Solar reported a 55.3% year-on-year decline in its third-quarter net profit to $87.9m (67.7m) on the back of “project-specific decreases” in sales, the US photovoltaic (PV) maker said in a statement late on Thursday.

Third-quarter sales fell by 17% year on year to $839m, according to the statement.

For the first nine months, the company reported a net loss of $251m. However sales rose by 8.9% year on year to $2.3bn.

“Despite continued uncertainties and over-supply conditions in the market, First Solar delivered another strong quarterly performance,”said Jim Hughes, CEO of the company.

“Our quarterly performance coupled with our recent project wins in sustainable markets demonstrates we are making meaningful progress in achieving our strategic plan for long-term growth and value creation,” Hughes added.

($1 = 0.77)

By: Surinder Malhi
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