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OCI 2016 net rises 20 pct on improved polysilicon price

All News 15:46 February 07, 2017

SEOUL, Feb. 7 (Yonhap) -- OCI Co., South Korea's top solar power panel maker, said Tuesday that its net profit rose more than 20 percent in 2016 from a year earlier on a rise in polysilicon prices.

Net profit reached 219 billion won (US$191 million) last year, up 20.2 percent from the previous year's 182 billion won, the company said in a regulatory filing.

Sales rose 19.1 percent on-year to reach 2.7 trillion won last year, and it logged an operating income of 121 billion won, shifting from an operating loss of 144 billion won in 2015.

The price of polysilicon, an essential raw material for solar cells to convert sunlight into electricity, topped $16 per kilogram late last year, for the first time in six months. The price fell to around $13 per kg in October.

In September last year, the company decided to buy a stake in a Malaysian unit of a Japanese rival firm in a bid to expand its presence.

OCI, the world's No. 3 polysilicon maker, said it will purchase 26.5 billion won worth of stocks in Tokuyama Malaysia Snd. Bhd, a unit of Japanese chemical firm Tokuyama, and plans to further increase its stake in the company whose annual output is roughly 20,000 tons.

OCI currently operates a plant in South Korea that produces 52,000 tons of polysilicon annually.

OCI 2016 net rises 20 pct on improved polysilicon price - 1


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