27 February 2013 02:40 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese photovoltaic (PV) producer Trina Solar said late on Tuesday it made a net loss of $87.2m (€67.1m) in the fourth quarter of 2012, compared with $65.8m in the same period last year, because of margin pressure.
Despite seeing sequential increases in fourth-quarter shipments, Jifan Gao, chairman and CEO of Trina Solar, said: “Our bottom line continued to be adversely impacted by a supply-demand imbalance and aggressive pricing by some competitors.”
The company’s revenue for the fourth quarter fell by 30.5% year on year to $302.7m, while operating expenses were at $76.1m, a 19% drop from the previous year.
Trina Solar said its full-year net loss was at $266.6m compared with $37.8m in 2011 and total revenue declined by 36.7% to $1.30bn.
“Looking ahead … the further decrease in module and total system costs will drive increased global demand for the PV industry in 2013, despite the decrease in favourable government policy in traditional European markets,” Gao said.
($1 = €0.77)
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