PEKING (dpa-AFX) - Daqo New Energy Corp. (DQ) Monday reported a loss for the first quarter compared to a profit last year, due mainly to a sharp drop in revenues and negative gross margins.
The Wanzhou, China-based company's first-quarter net loss attributable to shareholders was $13.73 million or $0.39 per ADS, compared to a profit of $35.0 million or $0.99 per ADS last year.
For the quarter, the company's comprehensive loss attributable to shareholders was $13.28 million, compared to a comprehensive profit of $36.88 million in the prior-year quarter.
Total revenues for the quarter plunged to $34.05 million from $87.31 million in the prior-year quarter.
For the quarter, gross margin was negative 32.2 percent compared to positive 51.0 percent in the year-ago quarter.
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