Dec 11 China-based Hanwha SolarOne Co Ltd's
quarterly loss nearly doubled and the solar products
maker cut its forecast for full-year panel shipment, hurt by
import duties in the United States and a relentless slump in
Panel prices have dropped sharply due to excess supply and
paltry demand from top market Europe. U.S. import duties on
China-made solar cells and the expectation of similar tariffs in
Europe has further dampened demand.
Hanwha SolarOne has said the acquisition of insolvent German
solar group Q-Cells by its parent may help sidestep the recently
imposed U.S. duties.
Creditors of Q-Cells, once the world's largest maker of
solar cells, in August approved a sale of the company to Hanwha
SolarOne's parent Hanwha group.
Hanwha SolarOne said it now expects to ship between 825
megawatt (MW) and 850 MW of panels this year, lower than its
prior outlook of 900 MW to 1 gigawatt.
A number of solar products makers including LDK Solar Co Ltd
and Trina Solar Ltd have slashed their shipment
forecasts for the year.
Hanwha SolarOne's net loss attributable to shareholders grew
to $51.3 million, or 61 cents per American Depositary Share
(ADS), in the third quarter from $27.9 million, or 33 cents per
ADS, a year earlier.
Revenue fell 33 percent to $153.7 million.
Hanwha SolarOne shares, which have fallen more than a fifth
this year, closed at 96 cents on the Nasdaq on Monday.