May 19, 2009 / 1:36 PM / 9 years ago

UPDATE 1-Hanwei posts wider-than-expected Q1 loss

* Q1 loss C$0.06/shr vs est loss C$0.02/shr

* Revenue down 56 pct at C$2.6 mln

* Wind power revenue down 89 pct at C$0.5 mln

May 19 (Reuters) - Canada’s Hanwei Energy Services Corp (HE.TO) posted a wider-than-expected quarterly loss, hurt by an 89 percent drop in revenue from its wind power business.

For the first quarter, the company reported a net loss of C$3.5 million, or 6 Canadian cents a share, compared with loss of C$713,000, or 1 Canadian cent a share, last year.

Total revenue fell 56 percent to C$2.6 million.

Analysts on average expected a loss of 2 Canadian cents a share, before special items, on revenue of C$12.2 million, according to Reuters Estimates.

Revenue from the wind power business fell to C$500,000 for the quarter.

The company still expects 2009 revenue to grow between 40 percent and 60 percent. Analysts were expecting 2009 revenue of C$165.2 million.

Shares of the Vancouver-based company were trading down 5 Canadian cents at C$1.75 Tuesday morning on the Toronto Stock Exchange. (Reporting by Kunal Raina in Bangalore; Editing by Anne Pallivathuckal)

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