Roseville’s SPI Solar parent reports large second quarter loss

Published: Tuesday, Aug. 27, 2013 - 12:46 pm

LDK Solar Co., the China-based parent of Roseville solar-energy developer SPI Solar, reported a net loss of $165.3 million, or 97 cents a share, in the second quarter.

That was actually an improvement over a loss of $187.1 million, or $1.21 a share, in this year’s first quarter and a loss of $254.3 million, or $2 a share, in the second quarter of 2012.

LDK’s financial results are increasingly relevant for SPI, which just last week announced that it is going to more closely align its operations with LDK.

SPI has likewise struggled with its finances in the rough-and-tumble solar market. It just announced a $6.8 million loss in this year’s second quarter, and it lost $25.6 million in all of 2012. Net sales in this year's second quarter totaled $4.2 million, down from $24.4 million a year ago.

While SPI hopes to boost its fortunes with the realignment, LDK continues to bleed money at a significant rate. Even so, LDK officials pointed to solar’s potential in the world market.

“We have built a solid pipeline of solar project business worldwide, and we remain committed to working with the relevant shareholders, banks and government agencies to secure the resources needed to drive these projects forward,” said Sam Tong, president and CEO of LDK Solar.

Call The Bee’s Mark Glover, (916) 321-1184.

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