Daqo New Energy posts first-half loss of nearly 1.6 billion yuan, cash reserves exceed 10 billion yuan

Earnings
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Daqo New Energy released its half-year report, showing first-half operating revenue of only 623 million yuan, down 57.63 percent year on year, and net profit attributable to shareholders of the listed company of negative 1.595 billion yuan, with the loss widening from the same period last year. The company's polysilicon sales volume was only 19,700 tonnes, less than half of the year-earlier level, and the average selling price was 30.63 yuan per kilogram, below the cost of sales of 60.69 yuan per kilogram and the cash cost of 34.75 yuan per kilogram. As of the end of the first half, the company's asset-liability ratio was only 7.87 percent, and its cash reserves including monetary funds totalled 10.419 billion yuan. In June this year, Daqo New Energy announced a 6 billion yuan investment to build a smart energy system manufacturing base in Kunshan and enter the computing power sector, with the first phase involving investment of 2.1 billion yuan.

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