Nov 14, 2014 - US solar power developer SPI Solar (OTC:SOPW) said Thursday its net loss for the third quarter of 2014 has widened to USD 7.7 million (EUR 6.2m) from USD 3.6 million a year ago, mainly due to non-cash items.
Excluding the USD-11-million loss from a one-time conversion of convertible bonds into SPI ordinary shares, the company would have turned to a net profit of some USD 2.2 million, thank to higher sales and expanded business operations, which now include China.
SPI Solar is majority-owned by troubled Chinese group LDK Solar Co Ltd. The subsidiary turned to an July-September 2014 operating profit of USD 2.7 million, against a USD 4.3-million loss in the corresponding quarter of 2013.
Sales in the period jumped to USD 26.7 million from USD 21.3 million, chiefly because of SPI’s debut on the Chinese solar market. "We are pleased with SPI’s continued strong business execution and rapid growth during the third quarter," chairman Xiaofeng Peng said.
For the first nine months of 2014, SPI saw its net loss narrow to USD 9.9 million from USD 13.6 million a year back. Revenues amounted to USD 36.6 million, up from USD 27.3 million a year back.