GCL-Poly Energy reports USD 28m loss in 2019

Chinese solar company GCL-Poly Energy Holdings Ltd (HKG:3800) reported lower revenues, gross profit and EBITDA for 2019 because of the fall in average selling prices (ASPs) for polysilicon and wafers.

Its attributable net loss narrowed to CNY 197.2 million (USD 27.9m/EUR 25.7m) in 2019 from CNY 693.4 million in 2018, when the result included a significant net exchange loss and other one-off effects. The table contains more details on GCL-Poly’s performance in the two years.

Results in CNY million	2019 (unaudited)	2018 (audited)
Revenue	19,249.6	20,565.4
- solar material business revenue	12,708	14,436
- solar farm business revenue	490	497
- GCL New Energy Holdings revenue	6,052	5,632
Gross profit	4,678.4	5,032.9
Adj. EBITDA	7,180	8,003
- solar material business adj. EBITDA	1,320	2,648
- solar farm business adj. EBITDA	431	423
- GCL New Energy adj. EBITDA	5,405	4,898
Loss attr. to owners of the company	(197.2)	(693.4)

GCL-Poly produced 57,394 tonnes of polysilicon and 31,852 MW of wafer last year. It said the COVID-19 epidemic is generally coming under control in China, but other nations are now battling the virus. “If it comes under effective control in 1–2 months’ time, there will be sufficient time in the second half of the year to make up for the delays in the early months, and the global demand for installed capacity in 2020 is not expected to decrease,” the company said in its outlook.

(CNY 10 = USD 1.41/EUR 1.3)

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