BANGALORE (Reuters) - China's Trina Solar Ltd reported a 69 percent drop in its second-quarter profit, as subsidy cuts in Italy hurt the solar panel maker's margins.
"Our sales were affected by end-market financing and high industry inventory due in part to recently-issued regulatory revisions and reduction of solar subsidies in Italy," Chief Executive Jifan Gao said in a statement.
Quarterly net income was $11.8 million, or 17 cents per American Depositary Share (ADS), compared with $38.7 million, or 52 cents per ADS, a year ago.