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GCL-Poly Sees ‘Substantial’ Full-Year Loss After Supply Glut

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Jan. 11 (Bloomberg) -- GCL-Poly Energy Holdings Ltd., the world’s biggest polysilicon maker, expects a “substantial” loss for last year because of oversupply in the industry.

“The development of photovoltaic business has been slowed down with clear overcapacity across the solar value chain,” GCL-Poly said today in a statement. The slide in prices “is particularly significant during the fourth quarter of 2012.”

The company, which posted a profit of HK$4.3 billion ($555 million) in 2011, expects to release annual earnings in March.

A surplus across the solar-component industry has combined with slowing demand to depress prices. The average price of the raw material to make solar panels fell 19 percent in the fourth quarter, following a 12 percent drop in the prior three months, according to data compiled by Bloomberg New Energy Finance.

GCL-Poly, which also makes wafers from its polysilicon, reported a loss of HK$330 million in the first half of 2012.

To contact the reporter on this story: Feifei Shen in Beijing at fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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