GCL-Poly expects losses of over US$200 million in first half of 2020

Facebook
Twitter
LinkedIn
Reddit
Email
GCL-Poly has warned investors that it expects to make a net loss of at least RMB 1.5 billion (US$217 million) for the first half of 2020 as market demand and other issues impacted profitability.

Major polysilicon and solar wafer producer, GCL-Poly has warned investors that it expects to make a net loss of at least RMB 1.5 billion (US$217 million) for the first half of 2020 as market demand and other issues impacted profitability. 

GCL-Poly said that net losses would be around double the level of net losses of RMB751 million (US$108.6 million) recorded in the prior year period due to new asset impairments, reduced revenue after the sale of power plants in 2019 from its subsidiary GCL New Energy and foreign exchange losses caused by the appreciation of the US dollar against the RMB for US dollar denominated indebtedness. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Although the company noted that it also experienced an undisclosed decline in the volume sales of solar wafers for the reporting period, GCL-Poly did not discuss the level of ASP (Average Selling Price) declines that impacted producers in the first half of the year. 

GCL-Poly has experienced a sharp decline in its materials sector revenue over the last two years, primarily due to the record low polysilicon ASPs and overcapacity in the solar wafer sector. 

GCL-Poly has experienced a sharp decline in its materials sector revenue over the last two years, primarily due to the record low polysilicon ASPs and overcapacity in the solar wafer sector.

Last week, another major polysilicon producer in China, Xinte Energy Co said the company would make no more than RMB 5 million net profit for the first half of 2020 as ASP’s declined 17.17% compared to the prior year period. Polysilicon ASPs were reported to have been RMB 52.1/kg (US$7.54/kg) (tax exclusive) in the first half of 2020, compared to (US$9.10/kg) in the prior year period.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

June 14, 2024
PV Tech's coverage of the SNEC 2024 trade show continues on day two, kicking off with a discussion with GCL System Integration.
Sponsored
June 13, 2024
Tongwei has continued to increase its investment in HJT cell and module technology and built a green supply chain for its PV cells.
June 7, 2024
Chinese solar manufacturing giant LONGi Green Energy has addressed rumours it is planning to shut down production at its facilities in Southeast Asia in response to US import tariffs coming into force.
June 6, 2024
A leading PV technologist has called for new cell testing standards to safeguard against failures in TOPCon and HJT modules.
Premium
June 6, 2024
University of New South Wales' Bram Hoex discusses why stability is as important as the higher efficiencies offered by cell technologies such as TOPCon and HJT.
May 29, 2024
Chinese solar manufacturer LONGi has launched a new solar module which it said exhibits the benefits of standardised module and wafer sizes in the solar industry.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia