Solar panel maker SolarWorld said today it had made an operating loss of £31million in the first three months of the year, as severe winter weather hurt demand in its home market Germany.
The firm has led efforts to impose import duties on Chinese solar products in the United States and Europe.
The company, once Germany’s largest solar company, said the loss before interest and tax compared with an operating profit of 26.6 million in the year earlier period.
Sales fell to £96million, down from £146million previously.
Hit by falling prices for solar panels and low-cost competition from Asia, SolarWorld has entered negotiations with creditors to restructure a large part of its debt.
Western manufacturers of solar power equipment, above all in Germany, have come under intense pressure due to a global overcapacity in the solar industry, which has forced many players including some of the formerly biggest players, Q-Cells and Solon, to file for insolvency.
The company said it expects all resolutions to implement the debt restructuring will be passed in August.