First Solar profit falls on impairment charge

Tue Feb 25, 2014 4:20pm EST

Feb 25 (Reuters) - U.S. solar company First Solar Inc's net income fell 58 percent, hurt mainly by a charge related to a write-down of the value of an idle facility in Vietnam.

First Solar shares slumped 11 percent after the bell.

The company's net income fell to $65.2 million, or 64 cents per share, in the fourth quarter ended Dec.31, from $154.2 million, or $1.74 per share, a year ago.

Total sales fell 29 percent to $768 million, mainly due to lower revenue from its solar projects business.