Chinese Solar Giant Longi Flags First-Half Loss on Competition

Chinese solar giant Longi Green Energy Technology Co., one of the world’s biggest solar manufacturers, said it expects to post a first-half loss citing fierce competition in the sector.

The company forecast to record a net loss of 2.4 billion yuan to 2.8 billion yuan ($287 million to $334 million) in the first half, according to preliminary results released on Monday. That compares with a loss of 5.24 billion yuan a year earlier. Due to the competitive environment in which the market selling prices of major photovoltaic products have fallen below the industry’s cost line, the company operated at a loss, it said in a filing to the Shanghai Stock Exchange.