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UPDATE 2-Q-Cells CFO quits after dire Q3
November 14, 2011 / 6:16 AM / in 6 years

UPDATE 2-Q-Cells CFO quits after dire Q3

* Q3 EBIT loss 47.3 mln eur vs 42 mln eur forecast

* Still sees sales of 1 bln eur for 2011

* Still sees triple digit million EBIT loss in 2011

* Shares plunge in pre-market, down 25 pct (Adds details, background)

By Christoph Steitz

FRANKFURT, Nov 14 (Reuters) - Q-Cells said its chief financial officer Marion Helmes resigned following a wider-than-expected third-quarter operating loss as pricing pressure and oversupply keep a tight grip on the solar sector.

The company said it posted a third-quarter operating loss of 47.3 million euros ($65 million), wider than the 42 million average forecast in a Reuters poll, in what is considered the worst year the industry has seen so far.

It added that CFO Helmes, who had joined the company in mid-2010, had decided to resign at her own request by the end of day on Monday.

Along with peers such Suntech, First Solar and Yingli, Q-Cells, once the world’s largest maker of solar cells, has been hit by an industry crisis that has seen prices for solar modules fall by 40 percent so far this year.

This led the company in October to take measures that could delay the repayment of its convertible bond due on Feb. 28, 2012.

Q-Cells kept its 2011 outlook, still expecting a triple- digit million euros loss before interest and tax (EBIT) and sales of 1 billion euros this year, down more than a quarter from 2010 levels. ($1 = 0.728 Euros) (Editing by Hans-Juergen Peters)

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