Q-Cells cuts profit forecast as drive for renewable energy loses power

[OKIsItJustMe]

http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5315744.ece

December 10, 2008

Q-Cells cuts profit forecast as drive for renewable energy loses power

Robin Pagnamenta, Energy and Environment Editor

Q-Cells, the world’s largest manufacturer of solar cells, cut its 2008 earnings forecasts yesterday, giving warning that a global recession was sapping demand for renewable energy.

Anton Milner, the chief executive of the German group, said that it had been hit by a “flood” of cancellations and delays in customer orders in recent weeks as developers of solar power projects worldwide struggle to raise finance. Tumbling oil prices have also undermined the economic rationale behind renewable energy schemes.

The company, which is planning a production shutdown over Christmas to clear stocks, said that it was cutting its sales forecast for 2008 by nearly 10 per cent to €1.225 billion (£1.072 billion) and its profit forecast by 14 per cent to €185 million.

The announcement has compounded the sense of crisis in the renewable energy industry, which had been seen as one of the few bright spots in manufacturing. Another manufacturer, Evergreen Solar, of the United States, said yesterday that it was delaying a planned $800 million (£540 million) factory in Asia that would manufacture enough solar cells to power a city of 500,000 people.

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[madrchsod]

1. what fucking "bright spot" ? building a plant in asia

build them in the usa and we`ll have the money to buy them. this shit has to stop. any american company that builds overseas and sells here should be taxed for exporting job overseas.