Wind farm in Xinjiang. Author: Mike Locke. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
Hong Kong-based wind power producer China Ruifeng Renewable Energy Holdings Ltd (HKG:0527) on Wednesday reported a substantially weakened bottom line for the first half of 2019.
The company reported a net profit for the period of CNY 4.02 million (USD 559,500/EUR 505,000), down from CNY 44.1 million a year back. It blamed the decrease on higher financial costs and a non-cash and non-operating item on expenses tied to a share-based payment, which in turn arose from the issue of convertible bonds.
The result attributable to equity shareholders was a loss of CNY 19.3 million versus a profit of CNY 20.5 million in the same period of 2018.
Revenue went down by 2% on the year to CNY 202.8 million, reflecting lower electricity production from wind farms.