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Canadian Solar swings to loss in Q4

Mar. 8, 2012 (China Knowledge) - Canadian Solar Inc<CSIQ>, the first Chinese photovoltaic firm that listed on the Nasdaq Stock Market, has posted US$59.9 million-net loss attributable to shareholders for the fourth quarter of 2011, whereas it earned US$25.5 million in net profit in the same period of 2010.

Loss per American Depositary was US$1.39 in the fourth quarter of 2011, compared with US$0.58 in earnings per ADS in the corresponding period of 2010.

Operating revenue for the three months ended Dec. 31, 2011 totaled US$474.1 million, down 5.1% quarter on quarter from US$499.6 million but up 4.7% year on year from US$452.7 million.

At the end of last year, the company had US$522.3 million in cash, compared with US$476.2 million as of Dec. 31, 2010.

In the fourth quarter of 2011, the U.S.-listed firm's solar module shipments amounted to 436 megawatts, a sequential increase of 23% from 355 MW. For the whole year of 2011, the company's solar module shipments surged 65% year on year from 803 MW to 1.32 gigawatts.

For the first quarter of 2012, Canadian Solar expects its shipments to be in the range of 340 MW to 350 MW, sources reported.

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