Summary by Moomoo AI
GCL Tech Holdings Limited ("gcl tech") announced its interim business performance for the six months ended June 30, 2024, with a 57.7% decrease in revenue compared to the same period last year, from RMB 20,945.9 million in 2023 to RMB 8,862.9 million. Gross profit turned into a loss, with a gross loss of RMB 552.6 million, compared to a gross profit of RMB 8,777.9 million in the same period last year. The company's attributable loss for the period was RMB 1,479.6 million, compared to a profit of RMB 5,518.3 million in the same period last year. Basic loss per share was RMB 5.60, while basic earnings per share in the same period last year were RMB 20.79. The company stated that the decrease in revenue and gross profit was mainly due to a significant drop in polycrystalline silicon selling prices in the photovoltaic material business, partially offset by the continuous release of granular silicon production capacity during the period. The board of directors does not recommend the payment of interim dividends.
