China Gogreen Assets widens H1 net loss

Aug 22, 2012 - Thin-film solar photovoltaic (PV) module maker China Gogreen Assets Investment (HKG:0397) on Wednesday posted a net loss of HKD 351.4 million (USD 45m/EUR 36m) for the first half of 2012, compared with a HKD-276.8-million loss a year ago.

The negative result was mainly due to unrealised losses from the change in fair value of held-for-trading investments and impairment loss on assets. The loss, non-cash in nature, did not have any immediate impact on Gogreen Assets’ cash flow and operations.

The company turned to a gross profit of HKD 11.3 million from a loss of HKD 1.6 million, thanks to increased income from consultancy services.

Revenue for the January-June period fell to HKD 13.4 million from HKD 32.6 million. During the reporting period, Gogreen Assets discontinued production of mid-stream PV modules. It plans to continue to focus on the development of its downstream solar energy business and to pursue other alternative energy opportunities. As a result of that change of direction, the company saw its sales of PV modules drop to HKD 949,000 from HKD 31.4 million, while income from green energy-related consultancy services stood at HKD 11 million, compared with zero.

(HKD 1 = USD 0.129/EUR 0.104)

Choose your newsletter by Renewables Now. Join for free!