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Hanwha SolarOne swings to loss

Wed, 08/24/2011 - 4:32am
Reuters

(Reuters) - Chinese photovoltaic cell maker Hanwha SolarOne Co swung to a quarterly loss and said it would only meet the lower end of its full-year shipment outlook as it faced falling prices and excess supply in the wake of subsidy cuts in Europe.

Hanwha now expects full-year module shipments to be at the lower end of its outlook of 1-1.2 gigawatts.

"We were not insulated from the difficult operating environment ... regulatory changes in Italy, rapidly falling module prices, industry over capacity and large channel inventories all negatively affected our second quarter results," Chief Executive Ki-Joon Hong said in a statement.

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