GCL-Poly Energy Rises After Saying Profit Likely Double in 1HBloomberg News
Co. expects net income of at least 1.3b yuan in first half
Profit rose mainly because of solar material business
GCL-Poly Energy Holdings Ltd. surged after the world’s biggest polysilicon and solar wafer maker said first-half net income likely doubled.
The shares jumped as much as 8.1 percent to HK$1.20 and were at HK$1.18 as of 10:46 a.m. local time. The benchmark Hang Seng Index gained as much as 0.5 percent.
GCL-Poly said on Tuesday in a forecast based on unaudited numbers that it expects net income of at least 1.3 billion yuan ($196 million) in the six months ended June 30, up from 653 million yuan a year earlier.
The increase is mainly due to the “remarkable” financial performance of the solar-material business, the company said. A further reduction in production costs and an increase in average selling prices and wafer sales volume also helped.
GCL-Poly maintained its annual polysilicon production capacity at 70,000 tons, up almost 8 percent from the previous year, and raised wafer capacity by 15 percent to 15 gigawatts, it said in May.
The company expects to report final first-half results on Aug. 24.
— With assistance by Feifei Shen