BRIEF-REC Silicon’s Q3 loss deepens after $79 mln impairment, to cut more costs

Nov 2 Rec Silicon, which produces
polysilicon and silicon gas to the solar and electronics
industries, said:

* Rec silicon q3 revenues $50.9 million (Reuters poll $53.6
million) vs $87.5 mln in q3 2015

* Rec silicon asa says lower revenues are primarily a result
of disruption of solar grade polysilicon market due to
expiration of 2015 feed in tariffs in china, which affected the
entire value chain

* The ongoing solar trade war between the US and China also
continues to restrict REC Silicon’s access to polysilicon
markets in China

* Q3 ebitda loss of usd 7.9 million (Reuters poll loss $4.7
mln) vs loss of usd 14.1 million in Q3 2015

* Q3 impairment charges $79 mln due to continued Uncertainty
Caused by the Trade Dispute and decline in Solar Grade
Polysilicon Prices due to Oversupply

* Q3 EBIT loss $109.8 mln (Reuters poll loss $28.7 mln) vs
loss of $46.3 mln in q3 2015

* Rec silicon is announcing additional cost cutting
initiatives and has reduced production capacity utilization to
approximately 50 pct at Moses Lake facility

* As part of cost cutting initiatives, company is announcing
a reduction in headcount of approximately 70 employees

* Rec silicon asa: negotiations are underway with Yulin
joint venture partner to defer company’s second and third
capital contributions, totaling $169 million, beyond 2018

* Cash Balance of $86.8 million at end Q3

* Anticipates decline in cash during Q4 2016 to meet working
capital requirements

* Expect to remain near cash neutral for 2017

Source text for Eikon:
Further company coverage:

(Reporting By Ole Petter Skonnord)

Source: Reuters

News

BRIEF-Moody's says Euro Area's economic recovery supports stable 2018 outlook

January 15, 2018 mmayha 0

Jan 15 (Reuters) – Moody‘s: * MOODY‘S SAYS EURO AREA‘S ECONOMIC RECOVERY SUPPORTS STABLE 2018 OUTLOOK, DESPITE PATCHY STRUCTURAL REFORM PROGRESS‍​ * MOODY‘S SAYS FORECASTS THAT EURO AREA GROWTH WILL AVERAGE 2.0 PERCENT IN 2018, […]

News

RPT-Germany to include yuan in FX reserves – c.banker

January 15, 2018 mmayha 0

(Repeats to more subscribers) HONG KONG, Jan 15 (Reuters) – Germany’s central bank has decided to include China’s currency, the yuan, in its foreign exchange reserves, Bundesbank board member Andreas Dombret said in Hong Kong […]

News

Singapore files more charges against Shell oil theft suspects

January 15, 2018 mmayha 0

SINGAPORE (Reuters) – A Singapore court on Monday filed additional charges against nine men accused in a large-scale oil theft at Shell’s biggest refinery, the latest development in an extensive investigation in the city-state. The […]

Be the first to comment

Leave a Reply