Solarfun new energy losses lower than expected in the first quarter

Source: Internet
Author: User
Keywords RMB cents
Beijing time May 19 Evening News, Solarfun New Energy (Solarfun power Holdings Co.)  (Solf) announced losses in the first quarter as customers cut inventories and cut purchases, but less than Wall Street analysts had expected.  As of 10:02 (Beijing time 10:02), the company's shares rose 61 cents to $5.68.  The company reported a net loss of 7.1 million yuan (about 1 million US dollars) in the first quarter as at March 31, while earning 104 million yuan in the same period last year.  In the first quarter, revenues fell 43% from 1.2 billion yuan a year earlier, to 684.2 million yuan (about 100.1 million US dollars).  Analysts polled by Thomson Reuters on average expected the company to lose 17 cents a share in the first quarter, with a revenue of $100.1 million. The company, headquartered in Shanghai, announced that the large customer inventory was the main cause of the losses.  Typically, customers do not have more procurement activity until their existing inventory is digested. "We think that the first quarter is not just the low point of industry demand, it is also our company's low point in the current cycle," said Peter Xie, president of the company, in a statement, "We are cautiously optimistic about a substantial rebound, especially for the second half of this year and next year Cheping. "The stock has fluctuated from $2.27 to $29.17 in the past 52 weeks," he said.
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