China’s LDK Solar posts $187.1m net loss in Q1

11 June 2013 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--China’s LDK Solar has posted a net loss of $187.1m (€140.3m) in its first quarter of 2013 compared with a net loss of $185.2m in the corresponding quarter of the previous year due to difficult industry conditions, the photovoltaic producer said on Tuesday.

The company’s net sales for the first quarter fell by 47.8% year on year to $104.3m, and saw a Q1 gross loss of  $59.5m, it said in a statement.

“An inventory write-down of $15.1m was required as a result of a continuous weakness in market prices for polysilicon, wafers, cells and modules caused by industry-wide overcapacity and much heated market competition,” said Tong Xingxue, president and CEO of LDK Solar.

As a result, gross margin and results from operations were negatively impacted in the first quarter of fiscal [year] 2013,” Tong added.

For the second quarter of 2013, LDK Solar estimates its revenue at $100m-150m, wafer shipments at between 250MW and 300MW and cell and module shipments at between 30MW and 40MW.

"While China still represents the strongest global growth opportunity, we believe that southeast Asia, Africa, India and the US are among several emerging markets with additional growth potential,” said Tong.

($1 = €0.75)

By: Yaw Min Jie
+65 6780 4327

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