Daqo New Energy Q2 Loss Widens - Quick Facts

(RTTNews) - China-based polysilicon manufacturer Daqo New Energy Corp. (DQ) reported that its second-quarter of 2013 net loss attributable to shareholders widened to $34.0 million from $7.1 million in the second quarter of 2012. Loss per ADS were $4.91, compared to a loss of $1.01 in the second quarter of 2012.

The company recognized $158.4 million fixed assets impairment loss for its Wanzhou polysilicon facilities in the second quarter of 2013, as a result of the Company's decision to relocate its polysilicon manufacturing assets to Xinjiang and consolidate production operations in Xinjiang in response to market conditions.

Revenues were $27.8 million, compared to $14.5 million in the first quarter of 2013 and $27.6 million in the second quarter of 2012.

The company generated revenues of $16.4 million from polysilicon, compared to $23.6 million in the second quarter of 2012. The decrease from the second quarter of 2012 was primarily due to lower sales volume combined with lower average selling prices.

For the third quarter of 2013, the Company expects to ship 1,000 MT of polysilicon. The company also expects to ship approximately 8.9 million pieces of wafer and 6.8 MT of multi-crystal silicon ingots and blocks.