FosRich first-quarter loss widens as solar panel price slump cuts revenue

FosRich, the electrical and solar energy business, recorded a deeper loss for the first quarter after income from sales dropped heavily in the three months ended March 31.

The company reported a net loss of $178.8 million, which was more than 160 per cent above the loss booked in the same period a year earlier. Revenue was down by more than half, moving to $415.2 million.

FosRich said its sales remain under pressure from the steep fall in solar panel prices internationally. It also pointed to uncertainty in the United States market as a factor affecting its operations, even as overseas suppliers have been extending better credit arrangements.

The company said it is working on a number of measures aimed at restoring profitability. Those plans include selling and leasing back its real estate assets to generate cash and lower debt, opening a new Molynes Road superstore by the close of the third quarter, cutting inventory, and keeping a firmer grip on administrative costs.