GCL-Poly expects wider loss in H1 2013

Aug 12, 2013 - Hong Kong-based GCL-Poly Energy Holdings (HKG:3800) on Friday said it expected a wider loss attributable to owners of the company for the first half of 2013, blaming lower selling prices and impairment charges.

The polysilicon and wafers maker posted a HKD-330-million (USD 42.5m/EUR 32m) net loss in the first half of 2012.

For January-June 2013 it said that falling prices of polysilicon and wafers as well as impairments and provisions against intangible assets, inventory, accounts receivables and production plants are expected to impact its earnings. Still, the company noted that the average selling prices of polysilicon and wafers were starting to increase after reaching their lowest levels in December 2012. The improved demand for solar power globally is also projected to have a positive effect on keeping the selling price of the products up.

GCL-Poly managed to further cut its production costs of polysilicon and wafer through technology upgrades, it said. The Chinese firm will publish its first-half 2013 financial report at the end of August.

(HKD 1.0 = USD 0.129/EUR 0.096)

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