GCL-Poly Sees ‘Substantial’ Full-Year Loss After Supply Glut
GCL-Poly Energy Holdings Ltd. (3800), 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.
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