GCL-Poly Narrows Loss in 2013 as Better Demand Boosts Prices

GCL-Poly Energy Holdings Ltd., the world’s biggest maker of polysilicon, narrowed its loss last year more than expected as demand picked up and prices rose in the fourth quarter.

Net loss was HK$664.3 million ($86 million), or 4.29 cents a share, compared with HK$3.52 billion, or 22.7 cents, in 2012, GCL-Poly said yesterday in a filing to the Hong Kong stock exchange. The mean estimate of seven analysts compiled by Bloomberg was for a HK$1.03 billion loss. Sales increased to HK$25.5 billion from HK$22.3 billion.

“As global economy has improved, demand pick up and over-supply situation of solar products eased,” the company said in the statement. “We believe global PV market will perform better in 2014.”

Large solar manufacturers including Trina Solar Ltd., China’s second-biggest panel maker, and JinkoSolar Holding Co. returned to quarterly profit last year as orders increased. The average spot price of polysilicon, the raw material for most solar panels, has risen 18 percent since the end of September while wafer prices are up 9.3 percent, according to data compiled by Bloomberg.

GCL-Poly agreed to supply about 9.3 gigawatts of wafers and polysilicon to four companies including Jinko and Hareon Solar Technology Co., it said on March 10.

The Hong Kong-listed company said yesterday it developed 270 megawatts of solar farms in China last year.

— With assistance by Feifei Shen

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