August 11, 2010 / 11:06 AM / 8 years ago

UPDATE 1-Hanwei Energy posts Q1 loss on lower pipe deliveries

* Q1 loss C$0.08/shr vs breakeven year ago

* Sales down 74 pct

Aug 11 (Reuters) - Hanwei Energy Services Corp (HE.TO) reported a first-quarter loss, as sales of the Canadian energy company slumped 74 percent on reduced deliveries of fibre reinforced plastics (FRP) pipes in the Chinese and Kazakhstan markets.

For the first quarter ended June 30, the company reported net loss of C$5.2 million, or 8 Canadian cents a share, compared with net income of C$158,000, a year ago. The company had reported a breakeven per share for the year ago quarter.

Sales for the company, which makes pipes for the oil and gas, water transmission, and salt mining market, fell to C$3.4 million.

In April, the company said it is in talks with unnamed state-owned and private businesses in China on a tie-up or sale of its small and struggling wind energy operations. [ID:nNSGE63B01]

Hanwei, which sells most of its wind power equipment in China, said the discussions are ongoing and no agreement has been reached.

Shares of the Vancouver, British Columbia-based closed at 39.5 Canadian cents Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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