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BRIEF-Rec Silicon Q2 pretax loss bigger than expected due to currency
July 20, 2017 / 5:26 AM / 2 months ago

BRIEF-Rec Silicon Q2 pretax loss bigger than expected due to currency

July 20 (Reuters) - Rec Silicon Asa:

* Rec silicon q2 revenues $ 61.4 million (Reuters poll $63 million) vs $71.1 mln in Q2 2016

* Rec silicon q2 ebitda $1.3 million (Reuters poll $0.3 million) vs $-14.3 mln in Q2 2016

* EBITDA Includes $2.5M Collection of Reserved Accounts Receivable

* Rec silicon pretax loss $48.3 million (Reuters poll loss $26.2 million) vs $-39.1 mln in Q2 2016

* Includes Q2 net currency losses of $17 mln vs a gain of $8 mln in q2 2016

* Net currency gains and (losses) relate primarily to internal loans

* Progress on yulin joint venture plant continues as planned

* Continues to negotiate deferral of remaining $169 million capital contributions until after 2018

* Gas sales volumes for quarter were in line with expectations at 808 mt

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

* Continues to negotiate deferral of remaining $169 million capital contributions until after 2018

* Rec silicon targets 2017 polysilicon production of 12,500 mt versus previous guidance of 12,320 mt

* Includec operation of the FBR facility in Moses Lake at approximately fifty percent capacity utilization throughout 2017.

* Rec silicion repeats targets 2017 FBR cash production costs of $11.0/kg, sees $11.5/kg in q3

* Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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