27 February 2013 03:17 [Source: ICIS news]
SINGAPORE (ICIS)--US photovoltaic (PV) maker First Solar said late on Tuesday that its net profit for the fourth quarter of 2012 increased to $154.2m (€118.7m) compared to a net loss of $413.1m in the same period last year on the back of record sales.
First Solar’s fourth quarter net sales surged by 62.8% year on year to a record $1.1bn because of increased revenue from the Topaz project and third-party module sales, the company said in a statement.
For the full year the company posted a net loss of $96.3m despite sales rising by 22% to $3.37bn, it said.
"Despite a very challenging market environment, we continued to make meaningful progress in all critical value drivers for the Company," said Jim Hughes, CEO of First Solar.
For the first quarter of 2013, First Solar expects a net sales of $650m to $750m and an operating income of $70m to $100m.
($1 = €0.77)
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