Chinese solar company Suntech Power Holdings Co Ltd (STP. N) has reported a fourth quarter net loss. The fourth quarter GAAP net loss has been reported to be of $65.9 million or $0.42 per ADS, compared to profit of $50.62 million or $0.29 per ADS in the same quarter last year.

The company assigned the reasons for the loss to decrease in shipments and the average selling price of photovoltaic products.

Wall Street analysts had expectations that on an average they were expecting a loss of 27 cents a share.

At same time, the company has also reported a decrease in workforce by 800. This is 8 percent of its total workforce.

Solar cells manufacturers have suffered a set back in recent months due to the global credit crisis. Funding for new projects is on the decline and the weak euro has hurt profit margins for companies that sell into the European market.