China’s Renesola Q3 loss widens to $78.6m despite record shipments

03 December 2012 03:11  [Source: ICIS news]

SINGAPORE (ICIS)--Renesola’s third quarter net loss widened to $78.6m (€60.5m) from $8.2m in the same period last year despite record shipments amid challenging global market conditions, the Chinese photovoltaic (PV) products maker said over the weekend.

Renesola’s revenue for the third quarter rose by 15.4% year on year to $218.2m, the company said.

"While we delivered record shipments in the third quarter, declining selling prices and the substantial supply-demand imbalance continued to have a large impact on our margins," said Mr. Xianshou Li, ReneSola's chief executive officer.

The company expects shipments to increase over 75% in the fourth quarter of 2012.

($1 = €0.77)

By: Surinder Malhi
+65 6780 4327

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