GCL-Poly blames losses on polysilicon price dumping; wafer sales up 21%

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China’s largest polysilicon and solar wafer producer, GCL-Poly Energy Holdings reported a group loss of HK$917.3 million (US$118.2 million) or the first-half of 2013, citing polysilicon price dumping from major overseas rivals, after recently announcing a profit warning. 

GCL-Poly said in a financial statement that there were only 3–5 polysilicon producers still in production in China but supply appeared to be beginning to fall short of demand.

China recently introduced duties on imported polysilicon from the US and South Korea to protect domestic producers.

The company reported its solar business segment sales for the first six months of the year reached HK$7,647 million (US$985.9 million) and a segment loss of US$184.3 million.

GCL-Poly said it sold 8,472MT of polysilicon and 3,858MW of solar wafers in the period, a decrease of 6.0% for polysilicon but an increase of 21.1% for solar wafers.

Polysilicon production in the second quarter of 2013 was 13,327MT, up from 8,653 MT in the first quarter if 2013.

Wafer production in the second quarter of 2013 was 2,221MW, up from 1,231MW in the prior quarter.

Polysilicon ASPs averaged US$17/kg in the first-half of 2013, up slightly from the first quarter. ASPs were US$23.2/kg in the first-half of 2012.

Wafer ASPs stood at US$0.20/W, down from US$0.21/W from the first quarter of 2013. Wafer ASPs were US$0.27/W in the first-half of 2012.

PV project pipeline

GCL-Poly said that its PV project pipeline stood at 1GW in the period covered and had developed a total of 270MW of solar farms in the first half of 2013, while having a line of credit of RMB5 billion (US$816.9 million) from China Development Bank for the development of domestic solar farm projects.

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