21 November 2012 08:48 [Source: ICIS news]
SINGAPORE (ICIS)--Trina Solar’s third-quarter net loss widened to $57.5m (€44.9m) from $31.5m in the same period last year, because of lower average selling prices of products, the Chinese photovoltaic (PV) products maker said late on Tuesday.
The company’s third quarter sales plunged by 38% year on year to $298m, it said in a statement.
Operating expenses for the period rose by 3.8% year on year to $78.3m in the third quarter, leading to a bigger overall loss from operations at $76m from $23.5m in the same period of 2011, the company said.
"Our third quarter sales were adversely impacted by the ongoing supply-demand imbalance in the global PV industry, high inventories and the irrational pricing practices by some competitors in the market," said Trina Solar chairman and CEO Jifan Gao in the statement.
($1 = €0.78)
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