Twelve of fifteen Chinese photovoltaic firms that have released financial statements reported net losses in the third quarter of this year, Beijing Business Today reported Friday.

Suntech Power Holdings and LDK Solar lost the most cash, taking losses of $116.4 million and $114.5 million. Three companies – CSG, Tongwei and Jinko Solar – did not report losses, but their net profits dropped sharply.

Average profits at the fifteen photovoltaic firms shrunk 220.28 percent year on year.

The decline in profits of Chinese solar firms has been attributed to a slowdown in demand from the European market.

China is the world leader in photovoltaic production. But its total installed capacity last year was only 820 megawatts (MW), accounting for 2.1 percent of global capacity, Wang Bohua, secretary-general of the China Photovoltaic Industry Alliance, said.

China's business press carried the story above on Monday.