JA Solar Posts 1Q Loss, Says Will Miss '09 Outlook

The Associated Press

JA Solar Holdings Co. posted a first-quarter loss Tuesday, saying the recession sharply cut into demand for its products.

For the three-month period ended March 31, the solar parts maker posted a loss of 193.3 million yuan ($28.3 million, or 18 cents per share), compared with a profit of 154.5 million yuan a year earlier.

Revenue fell 79 percent to 231.7 million yuan ($33.9 million) from 1.12 billion yuan.

Analysts polled by Thomson Reuters expected, on average, a loss of 5 cents per share on revenue of $107.9 million.

"The first quarter of 2009 was the most challenging quarter for JA Solar since the company was founded in 2005," Chief Executive Samuel Yang said in a statement. "However, we are actively managing our business to prepare for what we hope to be the market's recovery in the latter part of this year and we are seeing encouraging signs of market improvement in key end markets."

JA Solar said it is now "unlikely to achieve" its previously announced guidance for 2009 sales of $830 million.

Shares fell 24 cents, or 7.4 percent, to $3 in morning trading. The stock has traded between $1.55 and $26.99 in the past 52 weeks.