Polysilicon price fall pushes GCL-Poly into first-half loss

GCL-Poly – China’s biggest producer of polysilicon – crashed into the red in the first half of the year on plunging selling prices, but says these at least now look to be stabilising.

The company posted a net loss of HK$330m ($42.5m) against the HK$3.55bn profit it made during the same period in 2011.

The loss – which GCL had warned of in advance – came on revenues of HK$11.78bn, down from HK$15.17bn last time.

The company pointed to a range of now-familiar issues facing the global solar industry to explain the slump.

These include “cyclical oversupply of the industry, the European debt crisis and European subsidy policy changes” that contributed to the plunging price of its products.

In the first half it sold 9,012 tonnes Log in to read complete article.

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