(Reuters) - China-based Hanwha SolarOne Co Ltd’s HSOL.O quarterly loss nearly doubled and the solar products maker cut its forecast for full-year panel shipment, hurt by import duties in the United States and a relentless slump in prices.
Panel prices have dropped sharply due to excess supply and paltry demand from top market Europe. U.S. import duties on China-made solar cells and the expectation of similar tariffs in Europe has further dampened demand.
Hanwha SolarOne has said the acquisition of insolvent German solar group Q-Cells by its parent may help sidestep the recently imposed U.S. duties.
Creditors of Q-Cells, once the world’s largest maker of solar cells, in August approved a sale of the company to Hanwha SolarOne’s parent Hanwha group (000880.KS).
Hanwha SolarOne said it now expects to ship between 825 megawatt (MW) and 850 MW of panels this year, lower than its prior outlook of 900 MW to 1 gigawatt.
A number of solar products makers including LDK Solar Co Ltd LDK.N and Trina Solar Ltd TSL.N have slashed their shipment forecasts for the year.
Hanwha SolarOne’s net loss attributable to shareholders grew to $51.3 million, or 61 cents per American Depositary Share (ADS), in the third quarter from $27.9 million, or 33 cents per ADS, a year earlier.
Revenue fell 33 percent to $153.7 million.
Hanwha SolarOne shares, which have fallen more than a fifth this year, closed at 96 cents on the Nasdaq on Monday.
Reporting by Swetha Gopinath in Bangalore; Editing by Joyjeet Das