Q-Cells, the World's Largest Photovoltaic Battery Manufacturer, Losses 47.3 Million Euros in the Third Quarter

On November 14, Q-Cells, the world's largest PV panel manufacturer, announced its third-quarter financial report. The data shows that the company’s operating loss was 47.3 million US dollars. At the same time, the company’s CFO announced resignation Q-Cells said in a statement that the company’s operating losses in the third quarter was 47.3 million euros, which was higher than the previous estimate of 42 million euros given by Reuters.

The company’s revenue in the third quarter fell to 228.8 million euros from 401.6 million euros in the same period of last year, which was a significant drop from 316 million euros in the previous quarter. Q-Cells' total revenue from photovoltaic products in the third quarter was 699.9 million euros. The company expects its fourth-quarter revenue to be close to the second-quarter level and reiterates its full-year revenue forecast of 1 billion euros in 2011.

Q-Cells stated that Helmes, the chief financial officer who joined the company since mid-2010, decided to resign and took effect immediately.

Like its competitors Suntech Power, FirstSolar and Miles Green Energy, this year Q-Cells was also hit by the weak domestic PV market. So far this year, the price of solar PV modules has dropped by nearly 40%.