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Suntech swings to loss in Q1

Suntech S.A. said its first-quarter normalized net income was 488,870 zlotys, compared with income of 5,110 zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 35.8% from 0.2% in the year-earlier period.

Total revenue declined 34.3% on an annual basis to 1.4 million zlotys from 2.1 million zlotys, and total operating expenses climbed 8.7% on an annual basis to 2.2 million zlotys from 2.0 million zlotys.

Reported net income came to a loss of 782,190 zlotys, compared with income of 8,180 zlotys in the year-earlier period.

As of May 13, US$1 was equivalent to 3.90 zlotys.