(MENAFN) Chinese solar panel maker Trina Solar Ltd. posted a quarterly loss, hit by lower prices in an oversupplied solar industry, AP reported.
The company said it incurred USD57.5 million net loss during the third quarter, wider than USD31.5 million loss a year earlier.
The company also reported a 38 percent decline in quarterly revenue to USD298 million from a year ago.
On Nov. 12, Trina Solar lowered third-quarter guidance, citing industry wide oversupply and lower prices.
Shipments of solar modules plunged 9.2 percent in the third quarter compared to the previous quarter, Trina said.
Chairman and CEO Jifan Gao attributed the weaker results to the ongoing imbalance between supply and demand, as well as "the irrational pricing practices by some competitors".
Trina expects its manufacturing costs to fall in the fourth quarter as it renegotiates deals to buy silicon, the raw material for making solar panels.
Trina also cut its full-year 2012 module shipment guidance to 1.55 to 1.6 gigawatts from a previous forecast for 1.75 to 1.8 gigawatts.