GCL-Poly turns a first-half profit

China’s GCL-Poly swung back to profit in the first half of 2014 as polysilicon prices rose in a “significantly improved” solar industry trading environment.

The Chinese group’s revenue rose by half to HK$17.2bn ($2.22bn) in the six months to June from HK$11.3bn in the 2013 first half.

Gross profit soared by 400% to HK$3.68bn, and GCL-Poly turned an HK$917m year-ago net loss into a HK$900m profit.

GCL-Poly – the world’s largest supplier of polysilicon – was helped by a 9.2% cut in production costs and a rise in selling prices for the key solar raw material.

The company said average polysilicon ASP in the first half was HK$171 per kg, up from a year-earlier HK$131.7.

GCL-Poly said: “The operating environment of the solar industry in the first half of 2014 has significantly improved as compared with the same period of last year.”