Monocrystalline wafer producer Comtec Solar Systems Group said it expected to report a loss of over RMB400 million (US$62 million) for 2015, due to a series of write-downs, advance polysilicon payments and declining wafer ASPs.
Comtec said that the anticipated net loss was mainly attributable to certain non-cash items charged for the year, which included RMB152.8 million (US$23.6 million) impairment losses on advance payments to suppliers, the write-down of inventory of approximately RMB112.7 million (US$17.4 million) due to the decrease in the market prices of solar wafers and polysilicon as well as the disposal of outdated production equipment of approximately RMB35.6 million (US$5.5 million) amongst other write-downs.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
However, Comtec noted that it had improved net cash inflow from operating activities of approximately RMB82.4 million (US$12.7 million) in 2015, from a net outflow in 2014.
