Leading polysilicon manufacturer Daqo New Energy Corp. (NYSE: DQ) announced that its subsidiary Xinjiang Daqo New Energy has provided estimates of its net profit in the first half of 2022 to the Shanghai Stock Exchange.
Xinjiang Daqo estimates that its net profit attributable to shareholders in the first half of 2022 would be in the range of RMB 9.4 – 9.6 billion, representing a 335.03% to 344.28% increase as compared to RMB 2.16 billion in the first half of 2021.
The company has already reported its net profit attributable to Xinjiang Daqo's shareholders of RMB 4.31 billion in the first quarter of 2022.
A majority of Daqo New Energy's revenue and net income are contributed by Xinjiang Daqo.
The estimated net profit described in this press release was prepared solely for Xinjiang Daqo in RMB in accordance with PRC GAAP and is subject to change upon completion of Xinjiang Daqo's internal financial closing and reporting processes, which are different from those for the Company's consolidated financial results in U.S. dollars under U.S. GAAP for the first half of 2022 ended June 30, 2022.
The estimated profit described in this press release is based solely on the information currently available to Xinjiang Daqo's management. Its actual results could vary materially from these preliminary estimates.
As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided.
The estimated net profit should not be viewed as a substitute for full financial statements of Xinjiang Daqo prepared in accordance with PRC GAAP.
In addition, the estimated net profit is not necessarily indicative of the results to be achieved by Xinjiang Daqo in any future period.