Solar cell maker Neo Solar Power swung to net losses of NT$1.05 billion (US$36 million) in the second quarter of 2011 from profits of NT$1.04 billion a year ago. This also marked its first unprofitable quarter since the fourth quarter of 2009.

Fellow solar cell companies Motech Industries and Gintech Energy have also reported net losses for the second quarter, according to the financial data released by the companies. For the first half of 2011, only Motech managed to make earnings.

Gintech and Neo Solar registered net EPS of negative NT$0.53 and NT$2.31, respectively, in the first half of 2011 while Motech generated NT$0.11. However, Motech's EPS slipped significantly from the NT$2.69 posted in the same period of 2010.

The poor earnings results followed Green Energy Technology's (GET) forecast revision announcement. The solar wafer supplier has revised downward its EPS guidance for 2011 to negative NT$2.90, from positive NT$15. The significant downgrade caused GET's share price to fall the daily 7% limit for a second consecutive day. Its shares closed at NT$58.10 on August 31.

In other news, solar wafer maker Wafer Works has announced plans to repurchase three million shares of common stock at a price range of NT$35 to NT$48, becoming the first among Taiwan's solar-themed stocks to launch a stock buyback program aimed at stabilizing its share price.

Source:digitimes