LDK Solar posts steep loss, shares slide

China-based solar equipment manufacturer LDK Solar Co Ltd (LDK.N) posted a larger-than-expected quarterly loss and forecast weak second quarter sales, sending its shares down more than 8 percent in early trading.

The company, which makes polysilicon, solar wafers, cells and modules, on Tuesday also reported weaker-than-forecast sales during the first quarter and said it was working to cuts costs and refinance some of its short-term debt into more longer-term facilities.

Solar equipment manufacturers have struggled to reduce production costs as prices for panels that convert sunlight into electricity have plummeted by more than half in the past year on a supply glut.

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- Posted: 2012-06-26 11:57:22

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