Canadian Solar stays in the red as panel prices remain depressed

Mon Mar 11, 2013 6:46am EDT
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March 11 (Reuters) - Canadian Solar Inc reported its sixth straight quarterly loss as solar panel prices remain weak.

Shares of the company, which had a market capitalization of $161 million as of Friday, were down 6 percent in premarket trading.

The company's net loss increased to $105 million, or $2.43 per share, in the fourth quarter from $59.9 million, or $1.39 per share, a year earlier.

Revenue fell 38 percent to $294.8 million.

Panel prices have been depressed for about four years due to rapid capacity expansion in China and subsidy cuts in Europe, the biggest solar products market. Prices for solar panels slid about 30 percent in 2012.