Energy
Solarfun, JA Solar Post Losses
William Hennelly
05/19/09 - 09:39 AM EDT
Solar companies Solarfun(SOLF) and JA Solar(JASO) both based in China, reported losses for the first quarter on Tuesday.
Solarfun, whose CEO Harold Hosken announced his resignation, lost $1 million, or 2 cents per American depositary share, compared with a profit of $15.8 million a year ago. Revenue fell 43% to $100.1 million.
Analysts polled by Thomson Reuters were expecting a bigger loss from the maker of photovoltaic cells, of 17 cents a share on revenue of $100.1 million.
JA Solar, a maker of solar cells, lost $28.2 million, or 18 cents a share, compared with a profit of about $22.6 million, or 15 cents per share, a year ago. Analysts had estimated a loss of 6 cents per share. Revenue fell 79% to $33.9 million. Analysts had been expecting about $105.6 million.