LDK Solar, a China-based solar firm reported its unaudited financial results for the first quarter ended March 31, 2013.
According to the firm, first-quarter net sales were US$104.3 million compared to US$135.9 million for the fourth quarter of fiscal 2012, and US$200.1 million for the first quarter of fiscal 2012.
The firm shipped 240.0MW of solar wafers, 31.4MW of cells and modules in the first quarter.
Gross loss for the first quarter of fiscal 2013 was US$59.5 million, compared to gross loss of US$97.0 million in the fourth quarter of fiscal 2012, and gross loss of US$131.0 million for the first quarter of fiscal 2012, said LDK.
Gross margin for the first quarter of fiscal 2013 was negative 57.0%, compared to negative 71.4% in the fourth quarter of fiscal 2012, and negative 65.5% in the first quarter of fiscal 2012, LDK added.
During the preparation of its first quarter 2013 financial results, LDK's management determined that an inventory write-down of US$15.1 million was required as a result of a continuous weakness in market price for polysilicon, wafers, cells and modules caused by industry-wide over capacity and much heated market competition. As a result, gross margin and results from operations were negatively impacted in the first quarter of fiscal 2013.
First-quarter net loss was US$187.1 million compared to net loss of US$548.5 million in the fourth quarter of 2012 and net loss of US$185.2 million the first quarter of 2012.
For the second quarter of fiscal 2013, LDK estimates its revenue to be in the range of US$100-150 million, wafer shipments between 250-300MW and cell and module shipments between 30-40MW.
