Comtec Solar warns of full-year 2016 loss on manufacturing asset write-downs

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Comtec did not provide financial figures related to the expected losses, noting that only a preliminary assessment had been made by the company. Image: Comtec

Monocrystalline wafer producer Comtec Solar Systems Group has said in financial filings that it would report a substantial net loss for the year, due to expected write-down of the assets related to its manufacturing facilities in Malaysia and China. 

Comtec did not provide financial figures related to the expected losses, noting that only a preliminary assessment had been made by the company.

However, Comtec said that the asset write-down for its Malaysian facilities was due to the recently announced sale of the facilities to leading integrated monocrystalline ingot to module producer, LONGi Silicon Materials. Comtec sold the facilities to LONGi below the net book value, although is retaining certain production tools for future sale or use at its existing wafer facilities in China.

The company also noted that a write-down in wafer manufacturing assets in China would also be made, as well as in inventory, due to the weak demand for its monocrystalline wafers after several customers announced mono c-Si solar cell facility closures and the scaling back of production in the later part of 2016.

Read Next

May 10, 2021
LONGi Solar has set a record conversion efficiency of 25.09% for its N-type monocrystalline bifacial TOPCon cell that has been independently verified by the Institute for Solar Energy Research in Hamelin.
February 9, 2021
Major ‘Solar Module Super League’ (SMSL) member JinkoSolar has extended its supply chain cooperation with major polysilicon and merchant solar cell manufacturer Tongwei Group, with Tongwei gaining extra gigawatts of mono wafers from JinkoSolar.
February 4, 2021
Fraunhofer ISE spin-off NexWafe has raised €10 million in a new Series B round of funding as the company moves to another pilot production phase.
February 2, 2021
Large-wafer size producer Tianjin Zhonghuan Semiconductor (TZS) is to build a new 50GW 210mm (G12) mono-wafer manufacturing hub in Ningxia Hui Autonomous Region at a cost of around RMB12 Billion (US$1.86 billion).
February 2, 2021
The solar industry's two largest enterprises, GCL and LONGi have signed a major polysilicon supply deal, the first time the rivals have entered into a major business deal together.
February 1, 2021
Panasonic has announced plans to withdraw from manufacturing heterojunction (HJT) cells and modules with the closure of its manufacturing plants in Malaysia and Shimane Prefecture, Japan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021