It's all good news in GCL update


The unaudited third-quarter figures released by GCL-Poly Energy Holdings to the Hong Kong Stock Exchange could not be more glowing.

The Chinese polysilicon and wafer manufacturer and power company is firing on all cylinders and the update, published today, reveals beneath the impressive figures: "Our production supply cannot meet with market demand" – manna from heaven for shareholders.

The impressive figures include a 511% third-quarter rise in polysilicon sales, compared to July-to-October 2012 and a 121% rise in wafer sales on the same annual quarter-for-quarter comparison.

GCL-Poly‘s polysilicon business produced 35,531 MT of the stuff from January to the end of September, an 8.1% rise on the amount made in the same period of 2012 and including a 77.6% rise in the amount of poly made in the third quarter, up from 7,631 MT in 2012 to 13,550 MT.

Sales of polysilicon in the year to date were up 29.2% on 2012 from 9,669 MT to 12,490 MT and included 4,1018 MT of sales in the last quarter, up from 567 MT year on year.

The wafer business offered similarly encouraging figures with 5,998 MW of wafers made in the opening three quarters of the year of which 2,546 MW was manufactured in the third quarter – rises of 26.8% and 50.7% on 2012 figures of 4,731 MW and 1,689 MW, respectively.

GCL-Poly sold 47.4% more of its wafers (6,363 MW) in the year to date compared to 2012's figures including a 50.7% rise in third-quarter sales, from 1,130 MW to 2,505 MW

With the polysilicon price stable at US$17/kg and the wafer price edging up slightly from $0.20/Watt in the first six months of the year to $0.21/Watt over the full nine months and with the news "our major customers are in steady production and maintain a high capacity utilization rate," it seems to be smiles all round at GCL.

The mainland power generation business is also in good health with a 5.3% rise in electricity sales volume of more than 217 MWh from 4.1 GWh, in the opening three quarters of last year, to 4.3 GWh.

And away from the solar business, GCL's steam sales are also on the rise, 5.4% up from 6.1 million to 6.4 million tonnes.

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