LDK Solar with big loss in Q1
Xinyu City, China/Sunnyvale, USA - LDK Solar reported its unaudited financial results for the first quarter ended March 31, 2012.
Gross loss for the first quarter of fiscal 2012 was $131.0 million, compared to gross loss of $275.2 million in the fourth quarter of fiscal 2011, and gross profit of $241.6 million for the first quarter of fiscal 2011. Gross margin for the first quarter of fiscal 2012 was negative 65.5%, compared to negative 65.5% in the fourth quarter of fiscal 2011, and positive 31.5% in the first quarter of fiscal 2011. For the second quarter of fiscal 2012, LDK Solar estimates its revenue to be in the range of $220 million to $270 million and for the total year in the range of $1.5 billion to $2.0 billion.
"We are navigating the current volatile market environment by focusing on streamlining manufacturing operations, reducing production costs and improving utilization, while closely managing our operating expenses. While we expect to see continued challenging conditions in the solar industry in the near-term, we anticipate that some markets such as China will begin to see improved demand as the year progresses. We firmly believe that lower PV system costs will drive adoption of solar power and long-term market growth," said Mr. Peng, Chairman and CEO of LDK Solar.