Norway's REC expects Q3 EBITDA loss of NOK 185 mln

OSLO Tue Oct 16, 2012 1:51am EDT

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OSLO Oct 16 (Reuters) - Struggling Norwegian solar equipment maker Renewable Energy Corp. expects to report third-quarter results below analyst estimates as market conditions remain "very challenging", the firm said on Tuesday.

REC expects to report an earnings before interest, taxes, depreciation and amortisation, or EBITDA, loss of 185 million crowns ($32.36 million) from continuing operations and revenues of 1.5 billion crowns, it said in a statement.

"Very challenging market conditions led to quarterly sequential reduction in both sales volumes and selling prices for REC Solar and REC Silicon," it said.

($1 = 5.7163 Norwegian krone) (Reporting by Balazs Koranyi)

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