CORRECTED - GCL-Poly Energy doubles polysilicon production in Q1 2011

(Corrects reporting period in first paragraph.)

The results are for the first quarter of this year.

A corrected version follows:

(ADPnews) - May 12, 2011 - Chinese silicon wafer maker GCL-Poly Energy Holdings (HKG:3800) produced 5,900 tonnes of polysilicon in the first quarter of 2011, or 90.5% more than a year earlier.

Both the polysilicon and wafer businesses experienced growth on the back of the worldwide photovoltaic (PV) market's development and economies of scale which led to lower production costs, the company said Thursday.

It sold 914 tonnes of the produced polysilicon, compared to 2,600 a year before. The unsold amount was used for wafer production, launched by GCL-Poly in March 2010. The average selling price per kg of polysilicon was up at USD 62.2 (EUR 43.9) from USD 50 a year before.

The company produced 953 MW of wafers for the period, up 20.9% on the preceding quarter. It sold 959 MW, an increase of 21.7% quarter-on-quarter at an average selling price of USD 0.76 per watt.

First-quarter electricity and steam sales reached 1,125,155 MWh and 1.99 million tonnes, respectively. Electricity sales remained flat on the year, while steam sales grew 10.7%.

GCL-Poly plans to bolster its polysilicon capacity to 46,000 tonnes by end-2011 and 65,000 tonnes by the end of June 2012. Wafer capacity is seen to expand to 6.5 GW by the end of the current year.

(USD 1 = EUR 0.706)

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