Solarfun (SOLF) Reports Larger-Than-Expected Q4 Loss; Comments on Outlook; CFO Leaves, McCarthy Named as Interim CFO

March 25, 2009 7:41 AM EDT

Solarfun Power Holdings Co., Ltd. (Nasdaq: SOLF) reports Q4 loss of US$1.14, versus the analyst estimate of (US$0.59). Revenues for the quarter were RMB1.12 billion, versus the consensus of RMB1.10 billion.

Average selling price declined, as expected, to US$3.37, from US$4.04 in Q308.

The Company is well aware of the unpredictable nature of the current operating environment and, as a result, will offer less specific quantitative guidance than previously provided for FY09.

During Q1, sees demand at the low point for this business cycle. As a result, shipments will be below those of the preceding quarter and be around 35 MW. For FY09, management sees ASP's gradually declining by a further 10-15% towards year-end.

Effective March 31, 2009, Ms. Amy Liu will leave her position as Chief Financial Officer to pursue other interests. Terry McCarthy has been named interim CFO.

UPDATE: Click here to see some highlights from the company's Q4 conference call.

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