Daqo's Q2 polysilicon shipments rise
China's Daqo New Energy recorded second-quarter net income of $4.5m, from $2.6m in the first three months of 2014, as polysilicon shipments rose roughly 45MT on the quarter to 1,436 MT.
Wafer sales jumped from $12m in the first quarter to $12.7m.
The NYSE-listed polysilicon and wafer producer partly attributed the rise in shipments to stronger sales and higher average selling prices (ASPs) for polysilicon.
The ASP for polysilicon stood at $22.04 per kilogram in the second quarter, Wanzhou-based Daqo said in an online statement.
"We believe continuously growing end-market demand will strongly support polysilicon ASPs in the fourth quarter of 2014 and beyond," said chief executive Dr. Gongda Yao.
Revenues rose to $43.7m, from $27.8m in the second quarter of 2013, while revenues from polysilicon hit $31m, from just $16.4m in the second quarter of 2013.
Its gross profit spiked to $10.1m, from a loss of $10.2m throughout the same period in 2013.
Daqo said third-quarter polysilicon shipments could range between 1,450 MT to 1,500 MT.
Its wafer shipments may range from 16.8 million to 17 million units, as it believes China's distributed-generation PV market will start to develop rapidly through the remainder of the year, as obstacles to development — including poor access to financing and grid-related issues — gradually start to ease.
"We believe the opportunities in distributed generation are emerging as the bottlenecks are being removed gradually,” the company said.
Last week, the Chinese government said it would halt tariff-exempt imports of processed polysilicon from September, with US producers seen as the targets.