August 12 (Renewables Now) - China's GCL-Poly Energy Holdings Ltd (HKG:3800) reported a net loss of CNY 997.5 million (USD 141.3m/EUR 126.3m) for the first half of 2019 as profits from its downstream solar businesses could not offset in full the loss from the production and sale of polysilicon and wafers.
The six-month result from the Solar Material segment was a loss of CNY 1.31 billion, against a profit of CNY 256.2 million a year earlier.
On presenting its report for the period last week, GCL-Poly explained that even though polysilicon and wafer sales grew by 295.9% and 21.8%, respectively, the average selling prices (ASPs) of the same fell by 38.5% and 39.6% because of the implementation of the 531 PV New Policy. This hurt the segment’s performance.
The table contains details.
|Results in CNY million, unless specified||H1 2019||H1 2018|
|- from Solar Material business||6,580||8,065|
|- from Solar Farm business||249||263|
|- from GCL New Energy||3,173||2,704|
|Gross profit margin (in %)||23.5%||30.2%|
|- from Solar Material business||0.9%||16.2%|
|Total segment profit (loss)||(693)||790|
|- from Solar Material business||(1,311)||256|
|- from Solar Farm business||64||68|
|- from GCL New Energy||554||466|
|Profit (loss) attributable to owners of the company||(997.5)||382|
GCL-Poly produced 36,592 tonnes of polysilicon and 14,658 MW of wafers. It sold 20,731 tonnes of polysilicon and 14,737 MW of wafers. It managed to reduce its production costs thanks to a continuing expansion of manufacturing capacity.
(CNY 10 = USD 1.42/EUR 1.27)