GCL Technology (HKG:3800) said its solar material business turned a profit of about 960 million yuan in the third quarter, rebounding from a 1.81 billion yuan loss a year earlier, according to a Thursday Hong Kong bourse filing.

Shares of the firm were down nearly 7% in Friday's afternoon trade.

The profit included roughly 640 million yuan in post-tax proceeds from the disposal of an associate, the filing said.

Average selling prices of granular silicon climbed to 42 yuan per kilogram in the third quarter from nearly 33 yuan in the prior quarter, while production cash costs dropped to 24 yuan per kilogram.

The company said it continues to pursue a production-on-demand and low-inventory strategy to support pricing recovery and sustainable growth across the photovoltaic supply chain.