
The company’s revenue in the third quarter fell to 228.8 million euros from 401.6 million euros in the same period of last year, which was a significant drop from 316 million euros in the previous quarter. Q-Cells' total revenue from photovoltaic products in the third quarter was 699.9 million euros. The company expects its fourth-quarter revenue to be close to the second-quarter level and reiterates its full-year revenue forecast of 1 billion euros in 2011.
Q-Cells stated that Helmes, the chief financial officer who joined the company since mid-2010, decided to resign and took effect immediately.
Like its competitors Suntech Power, FirstSolar and Miles Green Energy, this year Q-Cells was also hit by the weak domestic PV market. So far this year, the price of solar PV modules has dropped by nearly 40%.
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