Polysilicon boost Wacker profits

Wacker Polysilicon posted a 34% increase in sales for the second quarter of 2014, reaching €273.2m ($366m) compared to €203.3m in the same quarter last year, helping Wacker group net profits to almost double to €29m.

The Munich-based chemical company's Wacker Polysilicon unit posted earnings before interest, tax, amortisation and depreciation (Ebitda) of €87.9m, up 37% on last year's same quarter.

Rising volumes, better prices for polysilicon and high utilisation of production facilities all contributed to this growth, said the group.

"Demand for solar silicon has continued to grow and prices have stabilised. The current business trend in our divisions and our order level for the second half of the year make us even more optimistic that 2014 will be a good year for Wacker," said CEO Rudolf Staudigl in Munich.

Asia continued to reinforce its position as Wacker's largest market, particularly strong for Wacker Polysilicon, which profited both from higher sales volumes and improved prices, it said.

The company assumes that the PV market will continue on its growth trajectory in the second half of 2014, and with demand raising it expects the price environment for solar silicon to remain positive in the months ahead.