November 9, 2010 / 11:18 PM / 8 years ago

UPDATE 1-Timminco's Q3 loss widens on provisions

* Q3 rev almost doubles

Nov 9 (Reuters) - Canada’s Timminco Ltd TIM.TO, a silicon producer, reported a higher loss, primarily hurt by provisions for the decrease in inventory value.

For the July-September quarter, net loss rose to C$34.2 million, or 17 Canadian cents a share, from C$18.5 million, or 15 Canadian cents a share, last year.

Sales at the company, which has developed its own method of purifying silicon metal into solar-grade silicon to make solar energy cells, almost doubled to C$36.9 million.

Sales were composed substantially of silicon metal product lines and reflected shipments of 34,787 metric tons (mt) compared with 23,695 mt last year, the company said in a statement.

The provision for decrease in inventory net realizable value was C$25 million.

Shares of the company, which have lost 69 percent in value year-to-date, closed at 40.5 Canadian cents on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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