by winston » Sun Jan 13, 2013 8:34 pm
not vested
GCL-POLY ENERGY (03800.HK) expects for huge loss last year
GCL-POLY ENERGY (03800.HK) issued profit warning stating that the Group is expected to record a substantial loss attributable to owners of the Company, for the year ended 31 December 2012 as compared to a profit for the year 2011.
Such adverse changes are primarily attributable to the following reasons due to the adverse factors such as the anti-dumping and countervailing duties imposed by the U.S. and the impact of the European debt crisis on solar farms financing, the development of photovoltaic business has been slowed down with clear overcapacity across the solar value chain.
Moreover, overseas enterprises began dumping viciously low-priced polysilicon to China, all these factors contributed to the substantial drop in the selling prices of photovoltaic products and the decline is particularly significant during the fourth quarter of 2012;
And impairment and provisions are expected to be made against intangible assets, inventory, accounts receivables and production facilities of the Group.
Subsequent to the vicious competition in the selling prices of photovoltaic products and the exit of those less-efficient enterprises from the market in 2012, the prices of photovoltaic products has become stable during December and there are signs to mark the bottom.
The Company will continue to endeavor its efforts to reduce its production costs, enhance its competition and improve profitability.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"