LDK Solar's 3rd-Qtr Profit Skyrockets

2007 The Associated Press

NEW YORK — Chinese solar wafer maker LDK Solar Co. Ltd., which went public in the U.S. in June, said Wednesday its third-quarter profit leaped 40 percent on strong demand for its wafers and the expansion of its customer base.

But investors weren't impressed and the company's American Depository Shares tumbled $2.11, or 3.2 percent, to $64 in aftermarket trading, after falling $3.89, or 5.6 percent, to $66.11 in the regular session.

For the three months ended Sept. 30, LDK earned $41.6 million, or 37 cents per American Depository Share, compared with $5 million, or 4 cents per American Depository Share, for the same quarter in 2006.

Revenue soared more than five-fold to $158.7 million from $31.5 million in the year-ago period.
Analysts polled by Thomson Financial expected a profit of 37 cents per share on $143.2 million in revenue.

LDK officials said wafer demand remained strong throughout the quarter and the company signed four long-term wafer supply contracts during the period.