March 17, 2009 / 10:06 PM / in 9 years

UPDATE 1-Timminco posts Q4 loss, to cut silicon metal production

* Q4 loss C$0.01/shr vs. yr-ago loss C$0.08/shr

* Q4 sales double to C$72.7 mln

* To cut silicon metal production, resulting in job losses

March 17 (Reuters) - Silicon processor Timminco Ltd TIM.TO posted a fourth-quarter loss and said it would temporarily curtail production of silicon metal due to lower demand.

The cut in silicon metal production, to be implemented at the beginning of the second quarter, will result in a temporary workforce reduction, the company said in a statement.

Timminco will continue to produce solar grade silicon, but bring down production in line with customer orders, it said adding that it will defer capacity expansion of its solar grade silicon facility till recovery of demand.

For the fourth quarter, the company reported a net loss of C$1.3 million ($1.02 million), compared with a net loss of C$8.8 million in the year-ago quarter.

Excluding charges tied to reorganization, environmental remediation and capital asset impairments, net income was C$1.9 million.

Timminco said it has amended its credit agreement with Bank of America to increase the maximum revolving line of credit to $50 million from $32.8 million.

Timminco shares, which have lost 79 percent of its value in the past six months, closed at C$2.35 Tuesday on the Toronto Stock Exchange. ($1=1.272 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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