Xinte deals with update which stated it was offering polysilicon at a bargain cellar rate

Aug 17, 2020 02:23 PM ET
  • Whoever released the numbers for a revenue warning issued by the poly manufacturer on Friday could have scared financiers also additionally with a stray decimal point.
Xinte deals with update which stated it was offering polysilicon at a bargain cellar rate
Image: TBEA

The rolling price of solar-grade polysilicon over the past year or so might have been widely publicized yet much more eagle-eyed PV analysts should certainly have elevated a brow at the estimate by producer Xinte Energy on Friday as it looked for to explain away an awaited clunk fall in earnings.

Revealing it would certainly expect revenues of no more than RMB5 million (US$ 720,000) from a first fifty percent which saw the typical selling price of polysilicon loss nearly 18% from the level experienced in January-to-June last year, Hong Kong-listed Xinte stated its item had actually brought an average rate of only RMB5.21/ kg (US$ 0.75) during the first 6 months, down from RMB6.29/ kg in the very same duration of last year. At that cost, China's push for unsubsidized 'grid parity' solar power would certainly seem a stroll in the park.

However Xinte, which is had by Chinese solar maker TBEA, today corrected the numbers pointed out to guarantee potentially panicked investors it had actually offered polysilicon for RMB52.1/ kg during the first fifty percent of this year and also RMB62.9/ kg in the opening six months of 2019.

The company issued a warning on earnings through due to the fact that it raked in RMB235 million during the initial 6 months of last year.

A reduction in Xinte's design and building and construction service was also mentioned as a reason for the outstanding decreasing earnings, with task struck by Covid-19.