GCL-Poly Suzhou reported revenue in the first quarter of 2018 of around US$675.3 million, up from around US$562 million in the fourth quarter of 2017 up from US$634 million in the prior year period.
PV Tech recently highlighted that China installed a total of 9.65GW of solar PV capacity in the first quarter of 2018, a 22% increase over the prior year period, according to China’s National Energy Administration (NEA).
GCL-Poly Suzhou had also increased nameplate wafer capacity in 2017, going from 18.5GW in 2016 to 30GW at the end of 2017, a 62.2% rise.
However, wafer ASP declines have continued to weigh on profitability.
GCL-Poly Suzhou reported a net profit of approximately US$14.46 million in the first quarter of 2018, compared to a net profit of around US$13.9 million in the prior year period, despite the capacity increases.
GCL-Poly recently announced that it was planning to build a 20GW monocrystalline silicon ingot manufacturing facility in Qujing, China. GCL-Poly said in a financial filing that GCL-Poly Suzhou had entered into an agreement with the Qujing Municipal Government with plans for a JV with unspecified strategic partners for the required facilities said to cost around RMB9 billion (US$1.4 billion).