Stricken Suntech breaks silence

Beleaguered Chinese PV giant Suntech today gave investors some insight into its 2012 performance, along with an update on the multiple issues that it is firefighting in a bid to regain corporate stability.

In fourth-quarter and full-year preliminary figures, Suntech said its 2012 revenues came in at about $1.62bn, a year-on-year drop of 48%. Suntech’s gross margin for the year was around a negative 1.4%, with Q4 showing a positive 0.4%.

The company shipped about 1.8GW of PV products last year, which it said was in line with its guidance.

Q4 shipments were down about 4% on the prior three months, with revenues 8% lower at $358m.

While publication of the figures will be welcome, the company has delayed its final results and Suntech’s investors will be Log in to read complete article.

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