November 4, 2010 / 12:07 PM / 7 years ago

UPDATE 1-Arise Technologies Q3 loss narrows

* Q3 loss/shr C$0.03 vs loss/shr C$0.04 yr-ago

* Revenue more than triples to C$23 mln

* To increase PV cell manufacturing capacity in Germany

Nov 4 (Reuters) - Arise Technologies Corp APV.TO posted a narrower quarterly loss, as the Canadian solar technology company saw more than five-fold growth its shipments, and said it was increasing its photovoltaic (PV) cell manufacturing capacity in Germany.

For the July-September quarter, the company reported a loss of C$5.2 million ($5.16 million), or 3 Canadian cents a share, compared with a loss of C$5.5 million, or 4 Canadian cents a share, a year ago.

Revenue jumped more than three-fold to C$23.0 million, in line with the company’s outlook given last month.

The company said it shipped 19.5 megawatts (MW) of PV cells, up from 3.5 MW a year ago.

Arise saw a foreign exchange loss of C$3.2 million, as the Euro strengthened by 7.4 percent compared to the Canadian dollar during the quarter.

“We intend to increase the production capacity of our plant in 2011 with the commissioning of Lines three and four,” Chief Executive Dan Shea said in a statement.

Shares of the Waterloo, Ontario-based company have gained more than 28 percent in last five days as it closed a $1.75 million bridge loan from Haverstock Master Fund Ltd and Trenrasp LLC this week. They closed at 31 Canadian cents on Wednesday on the Toronto Stock Exchange. ($1=1.007 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Roshni Menon) (ashutosh.joshi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ashutosh.joshi.reuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below