May 30, 2014 - US solar power developer SPI Solar (OTC:SOPW) narrowed its net loss to USD 832,000 (EUR 611,000) in the first quarter of 2014 from USD 3.1 million a year earlier as sales doubled.
In a statement on Wednesday, the company said its result per basic and diluted share was at the breakeven point, as compared to a loss per share of USD 0.02 in the year-ago period. CEO Min Xiahou noted that the firm expects to further strengthen its strategy of “uncovering solar business opportunities”.
SPI Solar, majority-owned by Chinese LDK Solar Co Ltd (NYSE:LDK), cut its operating loss to USD 1.1 million from USD 3 million.
Sales in the three months jumped to USD 3.6 million from USD 1.8 million in January-March 2014. However, the figure marked a decline from USD 15.4 million in the final quarter of 2013.
At the end of March, SPI Solar had some USD 300,000 in cash and cash equivalents, against USD 1 million at the end of December 2013. The firm is currently in provisional liquidation in the US.
Earlier in May, the US firm said it would sell USD 21.75 million worth of common stock to non-US investors in a drive to replenish working capital, repay debt and improve its operational flexibility.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.