GCL-Poly expects $103m first half 2014 profit

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China’s GCL-Poly this weekend issued a positive profit alert forecasting a profit of HK$800 million (US$103 million) for the first six months of the year.

The company’s upturn in fortunes comes just 12 months after posting a net loss of HK$917 million (US$118 million) for the same period last year.

In a Hong Kong Stock Exchange filing announcing the tidy profit, GCL-Poly explained that widespread reductions in production costs, increased sales and increased wafer production helped the company post the encouraging figures.

Second-quarter and first-half financial results are due to be made public next month, although GCL-Poly has yet to confirm a concrete date for their publication.

In May, the company inked a supply deal partnership with Guodian and Huanghe for the development of a series of Chinese solar PV plants that will add 4.15 GW of installed capacity to the company’s portfolio once all are completed.

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