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Suntech Power turns profit in loss in Q4

Mar. 9, 2012 (China Knowledge) - Suntech Power Holdings Co Ltd<STP>, the world's largest crystalline silicon photovoltaic module manufacturer, has posted US$136.9 million-net loss attributable to shareholders for the fourth quarter of 2011, compared with a net profit of US$358 million in the same period of 2010.

Diluted loss per American Depositary Share was US$0.76 in the fourth quarter 2011, compared with diluted earnings of US$1.83 per ADS in the corresponding period of last year.

Non-GAAP net loss attributable to shares holders reached US$53.8 million for the three months ended Dec. 31, 2011.

In the reporting three-month period, the U.S.-listed firm's total revenues decreased 33% year on year from US$945.1 million to US$629 million.

The company had US$709 million at the end of last year, whereas it had US$567.7 million as of Sep. 30, 2011.

For the whole year of 2011, Suntech Power's net loss attributable to shareholders stood at about US$1 billion, compared with a net profit attributable to shareholders of US$236.9 million in 2010.

Total revenues for last year amounted to US$3.15 billion, compared with US$2.9 billion in 2010. The growth was principally boosted by a 33.3% increase in shipments of PV products.

Suntech Power expects shipments for the first quarter of 2012 to decline by 30% from the fourth quarter of 2011 and to be in the range of 2.1 gigawatts to 2.5 GW this year.

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