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Suntech becomes latest solar company to record quarterly loss

23 Nov 2011

Chinese solar photovoltaic (PV) company Suntech has recorded a third quarter loss of $116.4m, an improvement on the $259.5m loss of the second quarter but down significantly on the $33.1m profit made in the same period last year.

The company’s net revenue was $809.8m, compared to $830.7m in the second quarter and $743.7m in the same three months of 2010. Its operating margin in the period was a negative two per cent, better than the negative 20.5 per cent of the previous quarter but still down on the last year’s third quarter operating margin of positive 8.4 per cent.

Zhengrong Shi, chairman and CEO of Suntech, said, ‘Suntech’s diverse global sales channels combined with customer preference for high performance, bankable products enabled Suntech to meet our third quarter shipment and margin guidance, despite the challenging market conditions. While European markets remained the cornerstone of demand in the third quarter, we were pleased to see continuing growth opportunities in the Americas and the Asia Pacific. In particular, demand for solar in China accelerated rapidly with the introduction of the first national feed-in-tariff.’

Suntech is the latest of business in the sector to announced third quarter losses this week with fellow Chinese companies JinkoSolar and Trina as well as Canadian Solar all experiencing negative margins.

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