November 9, 2010 / 11:18 PM / in 7 years

UPDATE 1-Timminco's Q3 loss widens on provisions

* Q3 loss C$0.17/shr vs loss/shr C$0.15

* 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) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.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