GCPEF - GCL Tech Profit Plummets On Falling Polysilicon Prices

2024-03-18 12:30:00 ET

Summary

• GCL said its revenue fell 6.2% for the year to 33.7 billion yuan ($4.68 billion), while its profit tumbled by 85% to 2.5 billion yuan.
• After soaring in 2022, polysilicon prices peaked last year and have been falling since then.
• After growing 28% annually between 2019 and 2023, new solar panel installations worldwide have entered a new stage of slower growth.

The maker of a key ingredient for solar panel production said its revenue fell 6.2% last year, as it recorded a 3 billion yuan loss in the second half of the year. ...

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