GCL Technology (HKG:3800) expects an attributable loss of 4.8 billion yuan for the year 2024, compared with an attributable profit of 2.5 billion yuan a year prior, a Thursday filing by the solar materials manufacturer with the Hong Kong bourse said.

The anticipated loss was mainly due to a significant decrease in the average selling price of polysilicon and wafer products, the net effect of a gain on the deemed disposal of a unit and loss on the disposal of interest in an associate, impairment on equipment, and impairment loss on trade and other receivables.