India, Aug. 20 -- Daqo New Energy Corp. (DQ), a manufacturer of polysilicon for the solar industry, on Thursday reported a wider second-quarter loss, primarily driven by lower revenues from reduced sales volumes. Cost of revenues far exceeded sales due to significant inventory impairment charges. The company's shares were down more than 8% in pre-market trading.
Net loss attributable to Daqo New Energy shareholders increased to $81.15 million or $1.20 per American depositary share (ADS) from $76.48 million, or $1.14 per ADS a year ago.
Loss before income taxes, however, narrowed to $90.833 million from $106.817 million. Income tax expense was $21.54 million, compared with an income tax benefit of $8.17 million a year ago.
Loss from opera...