GCL-Poly increaes revenue, trims losses

China-based polysilicon and wafer producer GCL-Poly Energy Holdings Ltd. was able to significantly increase its revenue and reduce its losses in 2013. Total revenue increased to 25.53 billion HKD ($3.3 bilion) in 2013 from 22.35 billion HKD in 2012, a year-on-year increase of 14.2%. The Solar material business posted revenue of 18.52 billion HKD last year, while the Power business and the Overseas Solar Plant business registered turnover of 6.70 billion HKD and 699 million HKD, respectively. The company’s operating loss for 2013 was 445.8 million HKD, up from a loss from operations of 3.38 billion HKD in the prior year. Net loss also decreased from 3.51 billion HKD in 2012 to 664.3 million HKD in 2013. As of the end of December 2013, the company had an available liquidity of 6.16 billion HKD. Furthermore, the company’s current liabilities exceeded its current assets by 13.98 billion HKD at the end of last year. In 2013, GCL-Poly produced around 50,440 MT of polysilicon, representing an increase of 36.1% from 37,055 MT in 2012. Wafer production for last year was of 8,634 MW, up 53.6% from 5,622 MW in 2012. Wafer ASP was 1.40 HKD at the end of December, down 27.8% from 1.94 HKD at the end of 2012. Polysilicon ASP decreased by 13.7% from 152.7 HKD per kg for 2012 to 131.8 HKD per kg for 2013.
GCL-Poly noted that despite unfavourable factors including overcapacity along the solar value chain and the EU’s antidumping and countervailing investigations into Chinese PV imports, the »close attention paid by the Chinese government« has led the domestic solar market to a strong recovery. As for its solar project business, the company had a 1 GW pipeline of overseas projects at the end of 2013. The company completed 270 MW in China last year.

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