GCL-Poly Plans to Cut Production Costs 25% on Lower Margins, Post Reports

GCL-Poly Energy Holdings Ltd. (3800) plans to cut production costs by 25 percent this year as profit margins are squeezed by declining prices for its products, the South China Morning Post said, citing Chief Financial Officer Tong Yee-ming.

The Jiangsu province-based company aims to cut production costs, excluding raw materials, to 20 cents a watt by year-end from 27 cents, and cut the cost of making polysilicon to $20 a kilogram from $22.50, the Hong Kong-based English-language newspaper reported today.

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