Chinese PV manufacturer LDK Solar Co., Ltd. on Tuesday posted a third-quarter narrowed its net loss by 7% from the same period a year ago to $127 million as revenue fell 46% to $156.6 million.
The highly indebted company said an inventory write-down adversely affected its financial results in the period.
LDK Solar shipped 463.1 MW of photovoltaic products in the third quarter consisting of 384.7 MW of wafers and 78.4 MW of cells and modules.
"Our third quarter results were in line with expectations," said LDK Solar President and CEO Sam Tong. "We were pleased to deliver 37% sequential revenue growth [from the second quarter] and reduce our net loss available to LDK Solar’s shareholders both sequentially and on a year-over-year basis."
Tong said "some signs of further improvement in the PV market during the quarter" were visible, adding that while European PV markets remained soft, the company had experienced increased demand from China, North America and other emerging solar markets.
The company recently announced that it had secured a new onshore loan facility agreement with a group of 11 commercial banks in China for a credit facility of up to CNY 1.56 billion ($256 million).