Suntech 2012 revenues fall 48%; PV product shipments at 1.8GW

02 May 2013 07:26  [Source: ICIS news]

SINGAPORE (ICIS)--Suntech Power Holdings’ 2012 revenues fell by 48% to $1.63bn (€1.24bn), with shipments of photovoltaic (PV) products at about 1.8GW, the solar products maker said late on Wednesday, citing preliminary data.

“Gross margin for the full year 2012 was approximately negative 1.4%,” it said in a statement.

In the fourth quarter of 2012, the company generated about $358m in revenues, with gross margin at 0.4%, Suntech Power said.

"We are undertaking a number of restructuring initiatives to address Suntech's balance sheet and improve the company's cost structure and operational efficiency,” Suntech CEO David King said.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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