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LDK Solar loss increases, revenue tumbles

NEW YORK (AP) -- LDK Solar Co. said Tuesday that its first-quarter loss increased slightly, hurt by a nearly 50 percent drop in revenue.

The results spooked investors and LDK shares tumbled 15 cents, or 9.2 percent, to $1.49 in premarket trading.

For the quarter ended March 31, the Chinese solar company posted a loss attributable to common shareholders of $187.1 million, or $1.21 per American depository share. That compared with a loss of $185.2 million, or $1.46 per ADS, in the same quarter of 2012.

The company took a write-down of $15.1 million during the 2013 quarter to cover weak prices for many of its products, reducing profitability.

Revenue fell to $104.3 million from $200.1 million. Shipments totaled 240 megawatts of wafers and 31.4 megawatts of cells and modules.

Like other solar companies, LDK has been hurt by falling demand and prices for solar products.

LDK said market conditions remained tough during the quarter. The company said it is undertaking a number of actions to restructure its business and remains committed to cutting its production costs.

LDK projected second-quarter revenue of between $100 million and $150 million. Wafer shipments are expected to total between 250 megawatts and 300 megawatts, while cell and module shipments are expected to total between 30 megawatts and 40 megawatts.