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UPDATE 1-Akeena Solar Q2 loss widens

(Recasts, adds details)

Aug 6 (Reuters) - Solar power systems maker Akeena Solar Inc AKNS.O reported a second-quarter loss that was wider than Wall Street estimates, hurt by higher-than-anticipated costs on commercial projects started in the first quarter.

The company reported a net loss of $5.1 million, or 18 cents a share, compared with a loss of $1.9 million, or 10 cents a share, a year ago.

Revenue fell 5 percent to $7.1 million, due to a 79 percent decline in commercial installations.

Analysts on average were expecting a loss of 15 cents a share, excluding special items, on revenue of $11.3 million, according to Reuters Estimates.

The Los Gatos, California-based company said it expects revenue in 2008 to grow between 30 percent and 40 percent over 2007.

Akeena also said it reduced headcount by 36 positions since the beginning of the year.

The company’s shares, which have lost about 40 percent of their value in the last six months, closed at $4.38 Tuesday on Nasdaq. (Reporting by Adveith Nair in Bangalore; Editing by Vinu Pilakkott)

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