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STP Spdr Msci Europe Materials Ucits Etf

306.70
-3.45 (-1.11%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Spdr Msci Europe Materials Ucits Etf EU:STP Euronext Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -3.45 -1.11% 306.70 306.40 307.00 310.65 306.10 310.65 256 16:35:24

Suntech Power Expects 1Q Revenue Flat Or Slightly Lower Vs 4Q

24/03/2009 10:37am

Dow Jones News


Spdr Msci Europe Materia... (EU:STP)
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China's Suntech Power Holdings Co. (STP) expects its first-quarter revenue to be flat or slightly lower than in the fourth quarter, but forecast revenue in the second and third quarters will be higher than in the respective preceding quarters, Suntech Chairman and Chief Executive Zhengrong Shi said Tuesday.

Suntech Power, the world's largest producer of photovoltaic panels by revenue, swung to a fourth-quarter loss on plunging margins and an inventory write-down.

The company posted a net loss of US$65.9 million, or a loss of 42 cents per American Depositary Share, in the fourth quarter, compared with a net income of US$50.6 million, or 29 cents per ADS, a year earlier. The latest results include a US$50.7 million inventory write-down. Excluding the write-down and other items, the loss was 27 cents per share.

Revenue increased 4.2% from the fourth quarter of 2007 to US$414.4 million.

"We shouldn't depend solely on the U.S. market for a recovery (of the industry). That would be a great risk," Shi said on the sidelines of a two-day cross-strait solar energy forum in Taipei.

"More importantly, we shouldn't lower our prices (of polysilicon) irrationally. This will cause confusion to the industry."

He said prices of polysilicon should be maintained above US$60 per kilogram to be profitable.

The current situation of an oversupply of polysilicon may only be resolved in 2011, when demand becomes stronger alongside an expected recovery in the global economy, Shi said.

Relations between China and Taiwan have improved since the Kuomintang government took office last year, Shi said, adding that he sees more opportunities to work with Taiwan in the solar energy industry.

Shi said he doesn't expect Suntech Power to set up factories or invest in Taiwan in the near future because "the time isn't ripe," but added there are other ways to cooperate. For instance, China could supply Taiwan with polysilicon, a raw material that China has an abundance of, while Taiwan could sell wafers to China.

-By Wei Yi Lim, Dow Jones Newswires; 88622 502-2557; weiyi.lim@dowjones.com

 
 

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