BEIJING (dpa-AFX) - Daqo New Energy Corporation (DQ), a Chinese maker of monocrystalline silicon and polysilicon for solar photovoltaic systems, on Tuesday posted a surge in earnings for the fourth-quarter, amidst a significant increase in revenue, backed by higher polysilicon production and average selling price.
For the three-month period to December 31, 2022, the Chongqing-headquartered firm registered a profit of $372.9 million, compared with $141.3 million of same period last year.
Income per American Depository Share or ADS was at $4.71, higher than last year's $1.84 per ADS.
Adjusted earnings were at $403.3 million, compared with $143.6 million of previous year quarter.
Excluding items, income per ADS rose to $5.11 from $1.87 per ADS of previous year.
Profit from operations stood at $623.1 million, versus $228.1 million in the fourth quarter of 2021.
Daqo recorded adjusted EBITDA of $648.5 million, compared with $251.1 million of last year quarter.
Revenues jumped to $864.3 million for the quarter from $395.5 million last year.
Thanks to the robust demand for solar PV products globally, polysilicon ASPs increased by approximately 50% year over year from $21.76/kg in 2021 to $32.54/kg in 2022.
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