Tongwei's swamped polysilicon plant back in production as company sets record Q3 income and also revenues
- Significant polysilicon and merchant solar cell manufacturer Tongwei has actually resumed production at its 20,000 MT polysilicon plant in Leshan City, Sichuan district after damage, due to extreme flooding in the region required the plant to close in mid-August, adding to a spike in polysilicon costs at the time.
The firm claimed that workers at the subsidiary, Yongxiang Polysilicon had helped 68 days, 24 hrs a day to bring back manufacturing. Tongwei has around 80,000 MT of polysilicon manufacturing capacity.
Tongwei has actually lately reported record third quarter financial results, driven by polysilicon ASP rises and higher capability levels than the prior year period, supported by increased solar cell ability and also sales volume.
The company reported total group income of RMB12.93 billion (US$ 1.92 billion) for the 3rd quarter of 2020, regardless of the forced closure of among its polysilicon plants, up from US$ 1.62 billion in the previous quarter.
Revenue for the very first 9 months of 2020 covered RMB31.678 billion (US$ 4.72 billion), up 13.04% from the previous year period.
Internet earnings in the quarter was a considerable RMB2.33 billion (US$ 345.8 million), contrasted to US$ 99.1 million in the previous quarter.
Nevertheless, internet revenue after reductions for non-recurring gains and also losses were US$ 286 million, still more than 2 times greater than its previous quarterly record and also 48.57% greater than the web earnings for the nine-month duration, year-on-year.