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BRIEF-REC posts higher Q3 revenues abvove forecast
October 30, 2017 / 6:00 AM / 24 days ago

BRIEF-REC posts higher Q3 revenues abvove forecast

Oct 30 (Reuters) - Rec Silicon Asa

* ‍rec silicon asa (rec silicon) reported q3 revenues of usd 75.5 million (Reuters poll usd 68 million), up from usd 61.4 million in previous quarter​

* ‍ebitda during q3 was usd 3.6 million (Reuters poll usd 2.9 million) compared to usd 1.3 million in previous quarter​

* ‍company reported a cash balance of usd 88.0 million on september 30, 2017. This represents an increase of usd 16.6 million compared to june 30, 2017​

* ‍silicon gas sales volumes for quarter exceeded expectations at 904 mt. Q3 polysilicon production of 2,835mt was slightly below guidance given at previous quarter​

* ‍strong performance in both cash cost and cash balance shows that we are positioned to address our liquidity situation moving forward​

* ‍progress on yulin joint venture plant continues as planned​

* ‍jv facility expects to start up first silane unit and FBR reactors in q4 2017​

* ‍second silane unit is scheduled to start up in q1 2018​

* ‍company continues to negotiate deferral of remaining $169 million capital contributions until after 2018​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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