May 12, 2009 / 10:13 PM / 9 years ago

UPDATE 1-Timminco posts wider Q1 loss

* Q1 loss C$0.20/shr vs yr-ago loss C$0.01/shr

* Q1 sales drop 21 pct to C$37.7 mln

May 12 (Reuters) - Silicon processor Timminco Ltd TIM.TO posted a wider first-quarter loss, hurt by lower demand and costs incurred at its solar grade silicon operations.

“The weakness in the global economy and its impact on solar energy and silicon metal industries has had a significant impact on our business operations and our financial results,” CEO Heinz Schimmelbusch said in a statement.

For the quarter ended March 31, the company reported a loss of C$22.3 million ($19.17 million), or 20 Canadian cents per share, compared with a loss of C$0.6 million, or 1 Canadian cent a share, a year earlier.

Consolidated sales fell 21 percent to C$37.7 million.

The silicon group saw sales drop 32 percent to C$23.6 million, hit by a fall in prices for each of the solar grade silicon and silicon metal product lines.

Sales of silicon metal slipped 42 percent to C$16.4 million.

During the quarter, Timminco amended its credit line to adjust the financial covenants and extend the maturity of the credit facility to July 2, 2010.

Shares of Timminco, which is a subsidiary of Dutch-based Advanced Metallurgical Group NV, closed at C$1.84 Tuesday on the Toronto Stock Exchange. ($1=1.163 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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