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GCL-Poly, one of the world's leading polysilicon producers, has warned investors that it expects to make a net loss of at least RMB 1.5 billion (US$ 217 million) in the first half of 2020.
Losses would be double last year's figure of RMB 751 million (US$ 108.6 million). According to the company, this was due to new asset impairments, reduced revenue following the 2019 sale of power plants from its subsidiary GCL New Energy, and foreign exchange losses caused by the appreciation of the US dollar.
GCL-Poly has experienced a sharp decline in its materials sector revenue over the past two years, mainly due to record low polysilicon ASPs (average selling price) and excess capacity in the solar wafer sector.
Last week, Xinte Energy, another major polysilicon producer in China, stated that it would have no more than RMB 5 million (US$ 722 thousand) net profit in the first half of 2020, as ASP decreased by 17.17% compared to the same period in 2019.
Explosions at the GCL-Poly factory
About a month ago, Canal Solar reported explosions in facilities belonging to GCL-Poly which affected the supply of polysilicon, increasing price volatility and achieving module manufacturing cost control.
