China Sunergy's shipments fall in 3rd quarter
* Company cuts full-year shipment outlook
* Shares down 13 pct in premarket trading
Nov 7 (Reuters) - Solar panel maker China Sunergy Co Ltd said its shipments fell in the third quarter, compared with the second quarter, due to tight credit in China that hurt its ability to procure materials for production.
China Sunergy shares fell 13 percent before the bell after closing at $9.49 on Wednesday.
The Chinese government has propped up loss-making solar companies with generous state subsidies and loans, but is now trying to cut excess capacity and encourage consolidation in the fragmented industry.
China Sunergy, which has not made a profit in the last 10 quarters, said it shipped about 110 megawatts (MW) in the third quarter ended Sept. 30, down from 126.4 MW in the second quarter.
The company also cut its full-year shipment outlook to 440-480MW from 500MW-550MW.
Third-quarter gross margin is expected to be in low single-digit in percentage terms, compared with gross margin of 9.3 percent in the second quarter ended June 30.
However, China Sunergy reported a smaller second-quarter net loss as costs fell sharply.
The company's net loss narrowed to $1.4 million, or 11 cents per American Depositary Share (ADS), from $30.3 million, or $2.26 per ADS, a year earlier.
Cost of goods sold fell 41 percent.
Revenue dropped 33 percent to $71.8 million.
