GCL-Poly Ltd’s net profit grows to USD 47.4m in 9-mo 2013

(SeeNews) – Oct 28, 2013 - Hong Kong-based GCL-Poly Energy Holdings Ltd (HKG:3800) said Friday that its Chinese unit, GCL-Poly Ltd, had raised its net profit to CNY 288.2 million (USD 47.4m/EUR 34.3m) in the first nine months of 2013 from CNY 146.2 million a year earlier.

GCL-Poly Energy Holdings is a silicon wafer maker, while its subsidiary is involved in the construction and operation of clean power plants in China. The unit also serves as a financing platform for the group's power segment.

GCL-Poly Ltd's operating profit rose to CNY 366.7 million in January-September 2013 from CNY 157.8 million in the same period of 2012. In addition, the unit saw its revenues jump to CNY 3.96 billion from CNY 3.54 billion a year earlier.

The firm issued CNY 400 million in notes in February 2012, followed by CNY 600 million in May 2012, and a further CNY 600 million in July 2013. It is required to release financial results until the maturity of the notes in 2015.

(CNY 10 = USD 1.643/EUR 1.190)

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