(Aug 21) JunYang Solar Q2

Aug 21, 2013 - Hong Kong-based Jun Yang Solar Power Investments Ltd (HKG:0397) today posted a HKD-25.5-million (USD 3.3m/EUR 2.5m) net profit for the first half of 2013, against a loss of HKD-351.4-million a year ago.

Jun Yang, formerly known as China Gogreen Assets Investment Ltd, makes silicon based thin-film solar photovoltaic modules, develops solar projects and is also involved in assets investment. Earlier this month it said it expected to return to the black giving as reason a gain on the change in fair value of held-for-trading investments, gain on disposals of company units, as well as a fair value gain on convertible notes.

Pretax profit was HKD 23.3 million versus a loss of HKD 474.5 million previously.

Revenue grew to HKD 18.2 million from HKD 13.4 million. The company’s solar segment saw its revenues fall to HKD 8.9 million from HKD 12 million, but the money lending business posted revenues of HKD 8 million, compared to zero a year ago.

Jun Yang Solar posted gross proceeds from operations of HKD 155.97 million, up from HKD 152.1 million, mostly coming from the assets investment division.

(HKD 10 = USD 1.290/EUR 0.963)

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