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New York-listed ReneSola swings to loss in Q1

May. 14, 2012 (China Knowledge) - ReneSola Ltd<SOL>, a leading solar wafer manufacturer in China, has posted US$40.2 million-net loss attributable to shareholders for the first quarter of this year, compared with a net profit of US$43.3 million it earned in the same period of 2011.

In the three months ended Mar. 31, 2012, the New York-listed firm's diluted loss per American Depositary Share was US$0.47, compared with diluted earnings per ADS of US$0.49 in the corresponding period of last year.

Operating revenue for the first quarter of 2012 declined 41.1% year on year from US$359.2 million to US$211.5 million.

The company had US$388.3 million in cash and restricted cash at the end of March 2012, whereas it had US$437.4 million at the end of last year.

Solar wafer and module shipments totaled 466 megawatts in the first quarter of this year.

For the second quarter of 2012, ReneSola expects total solar wafer and module shipments to be in the range of 460 MW to 480 MW, and its revenue is expected to reach between US$200 million and US$220 million.

For the full year 2012, the company aims to have 1.8 gigawatts to 2 GW in total solar wafer and module shipments.

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