GCL-Poly posts $141m loss in H1

The Chinese PV group recorded a loss attributable to owners of the company of roughly $141.1 million, as its solar materials division posted a loss of approximately $185.5 million.

GCL-Poly Energy Holdings posted a loss of CNY 997.5 million ($141.1 million) for the January-June period, from a profit of roughly CNY 382 million a year earlier, as its solar materials unit sank from profitability in the first half of 2018 to a division loss of CNY 1.3 billion.

In the first half, the division was weighed down by average selling prices (ASPs) for polysilicon and wafers, which respectively fell by 38.5% and 39.6% from the preceding year. The decline in ASPs dragged down the division’s profitability, even as sales soared from a year earlier.

“We believe that the year 2019 will be a key turning point for [China’s] PV production industry as it enters a phase of quality development, inaugurating a new era of grid-parity in the truest sense of the term,” said Zhu Gongshan, chairman of GCL-Poly Energy Holdings.

The group’ solar farm business — which operates 371 MW of solar capacity, including 18 MW in the United States — recorded first-half revenue of CNY 248.5 million. However, the broader group’s revenue fell 9.3% year on year to about CNY 10 billion in the six months to the end of June.

Its new energy business — which oversees the development, construction, operation and management of solar projects — posted revenue of CNY 3.17 billion. Both of the two divisions were profitable throughout the first six months of 2019.

GCL-Poly’s total production of polysilicon and wafers reached 36,592 MT and 14,658 MW in the first half, respectively. The group’s Xinjiang Polysilicon Base Phase I facility ramped up production by 48,000T throughout the January-June period, the group said. It plans to eventually scale up annual polysilicon production at the site to 60,000T.

“GCL-Poly remains focused on the solar materials business by leveraging its existing advantages, satisfaction of market demand, energy technology innovation, energy conservation and emission reduction as well as introduction of highly efficient new products,” the group said.

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