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Company News

BUZZ-Canadian Solar: Rises on five-fold jump in Q3 profit

** Solar panel maker’s shares rise ~ 4 pct to $14.28

** CSIQ’s Q3 profit jumps five-fold to $66.5 mln from a year earlier, as it benefited from higher than expected module prices

** Posts foreign exchange gain of $10.1 mln in the qtr vs a loss of $16.5 mln, a year earlier

** CSIQ says demand in key markets will likely continue to fluctuate and it remains “cautious in expanding capacity.”

** On Nov 5, CEO Shawn Qu withdrew an offer to take the firm private after a special committee set up by CSIQ board recommended rejecting his bid

** Including today’s losses, stock has fallen 15.2 pct YTD (Reporting by Arundhati Sarkar in Bengaluru)

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