Aug. 25 (Bloomberg) -- GCL-Poly Energy Holdings Ltd., the largest Chinese maker of silicon used in solar panels, said first-half profit grew more than fourfold on rising sales.
Net income rose to HK$3.6 billion ($462 million) from HK$788 million a year earlier, the company said today in a statement. Sales increased 162 percent to HK$15.2 billion.
Chinese producers are expanding to meet growing demand as a result of the country’s push to use more power generated from the sun. The government has set fixed preferential power prices for solar power plants to encourage domestic installations.
“China will transform from a country which manufactures photovoltaic products to a major user,” GCL-Poly said.
The company, based in Hong Kong, is testing output at a new plant with annual capacity of 15,000 metric tons of polysilicon.
The producer rose 5.5 percent to HK$3.47 by the close of Hong Kong trading and before the earnings announcement.
GCL-Poly, which gained about 75 percent of its first-half sales from wafers, said in March it would more than double polysilicon capacity to 46,000 tons this year.
China, the biggest energy consumer, will install as much as 1.6 gigawatts of solar plants this year, doubling capacity from the end of last year, according to Bloomberg New Energy Finance.
To contact Bloomberg News staff for this story: Feifei Shen in Beijing at Fshen11@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at email@example.com.