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NEW YORK - Chinese solar wafer maker LDK Solar Co. Ltd. said Monday its first-quarter profit edged higher on increased sales, although its tax bill also rose sharply.
| LDK | 33.71 |  -1.3 |
Net income rose to $49.8 million, or 45 cents per share, compared with $49.2 million, or 44 cents per share, during the same period a year earlier.
Analysts expected the company to earn 39 cents per share, on average, according to a survey by Thomson Financial.
Revenue increased 21 percent, to $233.4 million, from $192.8 million a year earlier. Analysts predicted revenue of $218.4 million.
LDK said one of its Chinese subsidiaries is now subject to a 12.5 percent tax rate following two years of tax exemptions. The company's total tax bill for the quarter was $8.5 million. A year earlier, it received a $159,000 tax benefit.
LDK shares dropped $2.20, or 5.9 percent, to $35.26 in after-hours trading. The stock gained 41 cents to close the regular session at $37.46.
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