August 11, 2011 / 11:48 AM / 7 years ago

UPDATE 1-Arise Tech's Q2 net loss narrows on lower oper costs

* Q2 shr loss C$0.02 vs C$0.09 a yr ago

* Q2 rev down 41 pct at C$9.1 mln

Aug 11 (Reuters) - Solar technology company Arise Technologies posted a narrower net loss for the second quarter as it slashed costs to combat oversupply issues in the photovoltaic cell market.

Net loss for the quarter was C$4.6 million ($4.7 million), or 2 Canadian cents per share, compared with a net loss of C$13.8 million, or 9 Canadian cents per share, a year ago.

Revenue slid 41 percent to C$9.1 million.

Arise, which expects to fully commission a silicon refining facility in the fourth quarter, said earlier this week that it has hired Canaccord Genuity to help in its review of strategic alternatives.

Operating expenses for the quarter fell 74 percent to C$1.8 million, as the company spent less on R&D and sales.

Shares of the Waterloo, Ontario-based Arise closed at 6 Canadian cents on Wednesday on the Toronto Stock Exchange. ($1 = 0.989 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Viraj Nair)

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