Troubled PV manufacturer LDK Solar Co. Ltd. has released its financial results for the first quarter of fiscal 2013 (Q1'13), revealing continuing losses and declining sales.
According to LDK, net sales for Q1'13 were $104.3 million, compared to $135.9 million for the fourth quarter of fiscal 2012 (Q4'12) and $200.1 million for the first quarter of fiscal 2012 (Q1'12).
Gross losses for Q1'13 were $59.5 million, compared to a loss of $97.0 million in Q4'12 and a loss of $131.0 million for Q1'12.
LDK attributes its woes to continuous weakness in prices for polysilicon, wafers, cells and modules caused by industry-wide overcapacity combined with stiff industry competition.
In April, the company reported that it was unable to make full noteholder payments due to a cashflow shortage. LDK received more bad news in May when a Chinese court ruled against it in a contract dispute with Canadian Solar.
