Suntech Power's Q3 net profit down 30%

Nov. 20, 2009 (China Knowledge) - Suntech Power Holdings Co Ltd<STP>, the world's largest crystalline silicon photovoltaic module manufacturer, announced yesterday that its net profit in the third quarter of this year was US$29.8 million.

The figure reflects a plunge of 30% compared with the US$42.6 million earned in the same period of last year, according to Suntech Power's third-quarter results.

Earnings per American depositary share were US$0.16, down from US$0.25 in the third quarter of last year. However, the third-quarter earnings were US$0.08 higher than expectation of analysts surveyed by Thomson Reuters.

In the third quarter, the Wuxi-based company realized US$473.1 million in operating income, 20% less than in the corresponding period of last year.

Suntech Power predicted that its output in the fourth quarter will grow 10% from the third quarter. It raised its output target for the year from 6 million MW to between 6.4 million MW and 6.6 million MW.

Suntech announced on Monday in Beijing that it plans to build a PV module plant near Phoenix, Arizona as part of its effort to increase its share in the fast-growing global solar market, according to an earlier report from China Knowledge.