Daqo New Energy Q1 Net Profit Tanks; Stock Down In Pre-market

News Snapshot:

(RTTNews) - Daqo New Energy Corp. (DQ), a Chinese maker of monocrystalline silicon and polysilicon for solar photovoltaic systems, on Monday reported a steep decline in net profit for the first-quarter. Earnings were impacted by decreased revenue reflecting a fall in Polysilicon average selling price and higher inventories. Following the news, DQ was trading down by 3.66 percent at $22.87 in the pre-market trade on the New York Stock Exchange. For the three-month period, the company reported a net income of $15.5 million, lesser than $278.804 million, registered for the same period last year. Income per American Depository Share or...