China’s ReneSola Q4 net loss widens to $49.8m

15 March 2013 02:35  [Source: ICIS news]

SINGAPORE (ICIS)--ReneSola fourth quarter net loss widened to $49.8m (€38.3m) from $36.7m in the same period last year despite an increase in its solar wafer and module shipments, the Chinese photovoltaic products maker said in a statement.

The company’s revenue for the fourth quarter rose by 63.3% year on year to $306.5m, ReneSola said in the statement, but its net income was negatively impacted by a $16.7m impairment of deferred tax assets.

For the full year 2012, the net loss was $203.4m compared with a net profit of $300,000 in the same period in the previous year. Revenue decreased by 1.6% to $969.1m, the company said.

Looking ahead in 2013, the company expects revenue to be in the range of $260m-270 m and its gross margin is expected to be positive.

ReneSola also expects total solar wafer and module shipments to be in the range of 2.7GW to 2.9GW, with solar module shipments expected to be in the range of 1.4GW to 1.6GW.

($1 = €0.77)

By: Surinder Malhi
+65 6780 4327

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