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Suntech Q2 loss widens

Mon, 08/22/2011 - 3:34am
Reuters

BANGALORE (Reuters) - Chinese solar power company Suntech Power Holdings Co Ltd posted a wider quarterly net loss as it struggled with a global slump in panel prices due to subsidy cutbacks in Europe.

Global demand for solar panels sank in the first half of this year as governments in the top two markets, Germany and Italy, pared the subsidies that enable solar power to compete with fossil fuels such as coal and natural gas.

Net loss attributable to ordinary shareholders was $259.5 million, or $1.44 per American Depositary share (ADS), compared with a loss of $174.9 million, or 97 cents per ADS, last year.

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