November 8, 2011 / 10:30 PM / 7 years ago

UPDATE 1-Timminco Q3 loss narrows on higher silicon metal prices

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Nov 8 (Reuters) - Timminco Ltd’s net loss narrowed in the third quarter, as the company benefited from higher realized prices for its silicon metal product lines.

July-September net loss was C$2.4 million, or 1 Canadian cent a share, compared with a loss of C$34 million, or 17 Canadian cents a share, a year ago.

Consolidated sales, however, fell 22 percent to C$28.6 million.

The Toronto-based company produces silicon metal through its majority-owned partnership with Dow Corning, called Quebec Silicon, and makes solar grade silicon through its Timminco Solar unit.

“Global solar photovoltaic installations continue to grow and our solar grade silicon has the potential to be a cost effective and more energy efficient alternative to conventional polysilicon, as the industry looks to take costs out of the supply chain,” Chief Executive Douglas Fastuca said. (Reporting by Gowri Jayakumar in Bangalore; Editing by Supriya Kurane)

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