October 27 (SeeNews) - EBITDA at Wacker Chemie AG's (ETR:WCH) polysilicon division fell 10% year-on-year to EUR 82.3 million (USD 89.9m) in the third quarter of 2016.
Adjusted for special income recorded in the year-ago quarter, however, the division’s earnings before interest, tax, depreciation and amortisation (EBITDA) improved 11%, the German chemical company's results showed today. EBITDA also increased 6% compared to the preceding quarter as Wacker did not incur any further start-up costs for its new Charleston plant in the US.
Sales at the polysilicon unit fell 7% both year-on-year and quarter-on-quarter to EUR 253 million.
While the decline from last year was due to lower average prices for solar silicon, compared with the preceding quarter, the business saw substantial slowing of volumes. Chief executive Rudolf Staudigl said that solar customers were ordering substantially less material in September than in the preceding months. "Since then, however, there have been increasing indications that demand for solar silicon is picking up again," he added.
Overall, Wacker reported EBITDA of EUR 301 million, up 14% from a year ago due to "good cost levels." Sales at EUR 1.35 billion were down 1% from a year ago and 3% from the preceding quarter.
The company maintained its full-year forecast.
(EUR 1.0 = USD 1.092)