Green Energy Technology (GET), a Taiwan-based maker of solar-grade polycrystalline silicon wafers, will post a book loss on its financial report for the third quarter of 2010 due to a revaluation of its 5-year unsecured zero-interest convertible bonds (CBs) issued in October 2008 to current fair market values in compliance with the Statement of Financial and Accounting Standards (SFAS), according to the company.

GET's CBs have a total outstanding value of NT$1.498 billion (US$47 million) and are available for conversion at NT$81.9 per share currently, the company indicated. Based on the closing stock price of NT$105 per share on September 24, GET will suffer a book loss of NT$23.5 (NT$105-NT$81.9) per share and a total book loss of about NT$460 million if all CBs are converted into shares, the company explained. Thus, if its closing stock prices range between NT$84 per share and NT$115.5 per share in the rest of September, total book losses will be NT$120-650 million, GET noted.

However, the book loss will not affect cash flow for the third quarter and GET expects handsome profits for the quarter, the company pointed out.