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LDK Solar Co., Ltd. Message Board

  • china_s2 china_s2 Nov 15, 2012 11:26 AM Flag

    OT: GCL Poly-Energy

    GCL issued a precis of their "operating results" for the 3rd quarter / first 9 months of 2012 today. They are available on both GCL's corporate site and via Hong Kong Exchanges & Clearing. The only data offered are figures for product produced / shipped and ASP's.

    On the "Solar Business" side of the ledger, they produced 7,631 Tonnes of "poly" during the quarter, but had outside sales of only 657 T. ASP was U.S.$20.10 / kg. Prior quarter was 12,998 T produced, 5,971 T shipped at $21.80.

    Wafer shipments amounted to 1,130MW, at $0.25 / W (prior 1,952MW at $0.26 / W).

    Also today they announced the sale of two PV power stations in California, collectively amounting to 48MW (DC), for U.S.$50.5 million. Buyer was not identified.

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    • 48MW ...for 50M$ ???? Did they sell this on eBay?

      • 1 Reply to rama_k_reddi
      • Maybe a Sheriff's sale?

        I really don't know anything beyond the press release, but it seems that somebody got a helluva deal, there.

        Their "poly" ASP would be slightly below average for 3Q spot pricing as quoted by TrendForce and PV Insights.

        Altogether it doesn't bode very well for their financial performance. Their electricity and steam sales may still show a profit, but I doubt that segment is large enough to carry the whole enterprise.

        I'm not even sure we'll see any financials for the quarter, though; if I'm not mistaken, the only financial reporting obligation they have under HKE rules is interim (half year) and annual. They did publish some 1Q numbers, which allowed me to derive their true 2nd quarter losses, but I haven't seen anything for 3Q yet.