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LDK Solar posts smaller quarterly loss

Tuesday, 26 Nov 2013 | 4:15 AM ET

Nov 26 (Reuters) - China's LDK Solar Co Ltd posted a smaller third-quarter loss than a year earlier and the debt-laden company said it was seeing continued signs of recovery in the solar panel market.

The company's net loss narrowed to $127 million, or 65 cents per American Depositary Share, in the quarter ended Sept. 30, from $136.9 million, or $1.08 per ADS, a year ago.

LDK's net sales fell 46 percent to $156.6 million.

The company said it had an income tax benefit of $3.1 million in the third quarter versus a tax benefit of $25.4 million a year earlier.

LDK, which primarily makes solar wafers used to build solar cells and panels, said it expects revenue for the current quarter of $200 million to $250 million.

The increase is likely to be driven by estimated fourth-quarter wafer shipments of between 480 megawatts (MW) and 520 MW. It shipped 384.7 MW of wafers in the third quarter.

Separately, the company said it had signed a further two-week forbearance arrangement with holders of its senior notes due 2014. The arrangement relates to interest payment due under the notes on Aug. 28, 2013.

It had entered a similar 30-day arrangement with holders of the same senior notes in September.

LDK ended the quarter with $95.4 million in cash and cash equivalents and $130.4 million in short-term pledged bank deposits.

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