Solarfun, which makes silicon ingots, wafers and photovoltaic (PV) cells, saw its revenues drop 43% during the first quarter to $100.1m.
Shipments of PV modules totalled 35.7 megawatts (MW) – a 25% dip since the final quarter of last year. In the last three months, the average selling price per watt fell from $3.37 to $2.78 due to the hyper-competitive environment resulting from dozens of firms simultaneously attempting to gut their inventories.
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