tiprankstipranks
GCL Technology Forecasts Major Loss and R&D Progress
Company Announcements

GCL Technology Forecasts Major Loss and R&D Progress

GCL-Poly Energy Holdings (HK:3800) has released an update.

Don't Miss Our Christmas Offers:

GCL Technology Holdings Limited warns of an anticipated loss of approximately RMB1.45 billion for the first half of 2024, a stark contrast to the RMB5.52 billion profit in the same period of 2023, largely due to a significant drop in polysilicon and wafer product prices and inventory impairments. Despite the downturn, the company reports promising R&D breakthroughs in granular silicon and expects improved production costs and quality, which may lead to a performance turnaround after completing a system optimization project by September 2024. The company notes increased customer recognition and reduced inventory levels for granular silicon, setting the stage for a potential recovery in the second half of the year.

For further insights into HK:3800 stock, check out TipRanks’ Stock Analysis page.

Related Articles
TipRanks HongKong Auto-Generated NewsdeskGCL-Poly Energy Plans Share Issuance and Bond Exploration
TipRanks HongKong Auto-Generated NewsdeskGCL Technology Adjusts Share Buy-back Strategy Amid Market Volatility
TipRanks HongKong Auto-Generated NewsdeskGCL Technology Holdings Unveils Leadership Structure
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App