May 19, 2009 / 12:10 PM / 10 years ago

UPDATE 1-JA Solar posts net loss, to miss sales goal

* Q1 loss of 18 cts/share

* Revenue falls 79 pct to $33.9 million

NEW YORK, May 19 (Reuters) - China’s JA Solar Holdings Co Ltd JASO.O reported a quarterly net loss on Tuesday and said it would fall short of its 2009 revenue target as tight credit markets and a global economic downturn cut demand for solar power.

The solar cell maker’s first-quarter net loss was $28.2 million, or 18 cents per share, compared with a profit of about $22.6 million, or 15 cents per share, a year ago.

Wall Street analysts, on average, had been expecting a loss of 6 cents per share, according to Reuters Estimates.

Revenue fell 79 percent to $33.9 million. Analysts had been expecting revenue of about $105.6 million, according to Reuters Estimates.

In February, JA Solar sharply reduced its 2009 revenue forecast for the second time in three months to a range of $830 million to $952 million.

JA Solar shares closed at $3.24 Monday on the Nasdaq. They have lost 88 percent of their value since hitting a lifetime high of $27 last May. (Reporting by Matt Daily and Nichola Groom, editing by Dave Zimmerman)

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