Electrical and solar energy company, FosRich, is reporting a more significant first-quarter loss as revenues declined sharply during the period ending March 31.
The company posted a net loss of $178.8 million, more than 160 per cent higher than the corresponding period last year.
Revenue fell by more than 50 per cent to $415.2 million dollars.
FosRich says its turnover continues to be affected by the significant decline in global solar panel prices.
The company says uncertainty in the United States market has also had an impact on operations, although global suppliers have offered more favourable credit terms.
FosRich says it is pursuing several turnaround initiatives to return the company to profitability.
These include a planned sale and lease-back of its real estate properties to raise cash and reduce debt, the opening of a new superstore on Molynes Road by the end of the third quarter, inventory reduction measures and tighter control of administrative expenses.
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