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Photovoltaic Industry: GCL TECH Rallies Almost 3% after Expecting 2022 Profit to Surge At Least 2x
$GCL TECH (03800.HK)$ opened up 2.79% today, peaking at $2.25. It last printed at $2.21, up 2.79%, on volume of 35.378 million shares and turnover of $78.7051 million.
GCL TECH had announced that the Group expects to record a net profit of not less than RMB15.5 billion for the year ended 31 December 2022, representing a year-on-year increase of not less than 204% as compared to the net profit for the year ended 31 December 2021.
The significant increase in the net profit was mainly due to the continuous strong growth in the global photovoltaic industry, and the fact that there was a shortage of supply for polysilicon products causing an increase in both sales price and volume, and the advantage of granular silicon in terms of profitability was prominent.
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