Petrochemical products supplier LCY Chemical Corp (李長榮) yesterday reported a net loss per share of NT$9.2 for the first half of this year as its solar-power subsidiary Taiwan Polysilicon Corp (福聚太陽能) booked an asset write-off of NT$8.95 billion (US$298.57 million) last quarter.
LCY Chemical said the asset value of Taiwan Polysilicon, which makes polysilicon for solar cells, would decline to NT$3.5 billion after the write-off.
In addition, LCY Chemical would cut its long-term investment by NT$750 million and book non-operating losses of about NT$5.9 billion last quarter, LCY Chemical vice president Charles Wei (魏正誠) said at a press conference yesterday.
In the first half of this year, LCY Chemical reported losses of NT$7.85 billion, according to the company’s filing to the Taiwan Stock Exchange.
“Taiwan Polysilicon could have to reduce its assets if the level of its cash flow in the next five years is significantly lower than its current asset value,” Wei said.
LCY Chemical posted operating losses of NT$1.23 billion in the first half of this year, a sharp reduction from a profit of NT$241.92 million seen a year ago, because of declining market demand for thermoplastic elastomer in China, Wei said.
Wei said the company’s factory in Greater Kaohsiung’s Dashe District (大社) would still be shut down in the second half of the year, following city government instructions, and the closure is expected to decrease its revenue by NT$40 million to NT$50 million a month.
Shares of the company were down 2.5 percent to NT$15.6 yesterday.
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