August 5, 2010 / 9:14 PM / 9 years ago

UPDATE 1-Hoku Q1 loss widens, revenue lags Wall Street

* Q1 shr loss $0.05 vs est. $0.05 loss/shr

* Posts 13-fold rise in Q1 rev, misses est

Aug 5 (Reuters) - Solar raw material provider Hoku Corp HOKU.O posted a wider first-quarter loss as expenses trebled, and said it expects continued growth in its polysilicon and photovoltaic installation businesses this year.

The company also said it expects to bring its much-awaited polysilicon plant online as planned during calendar year 2010, after having successfully completed the reactor production demonstration in April.

Expenses climbed to $3.2 million during the quarter from $1.1 million in the prior period, partly due to the cost of completing the reactor production demonstration, the company said.

Net loss for the first quarter was $2.7 million, or 5 cents a share, compared with a loss of $905,000, or 4 cents a share, a year ago.

Excluding the effect of stock-based compensation, the company posted a loss of 4 cents a share.

Revenue for the quarter rose about thirteen-fold to $930,000.

Analysts on an average expected the company to post a loss of 5 cents, on revenue of $1 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $3.16 Thursday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Vyas Mohan)

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