China Singyes Solar lifts H1 2018 profit to USD 33m

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

China Singyes Solar Technologies Holdings Ltd (HKG:0750) on Tuesday reported an attributable net profit of CNY 228.5 million (USD 33.4m/EUR 28.7m) for the first half (H1) of 2018, up from CNY 80 million a year back.

The company offers solar engineering, procurement and construction (EPC) services and designs and builds curtain walls and green buildings. It also engages in the sale of different goods, including renewable energy goods and new materials. In the reporting period,the solar EPC business fetched 60% of China Singyes Solar's revenue. The division's gross margin grew to 30.3% from 25.3% mainly as a result of a drop in solar module prices, the company said.

"The Group had secured several sizable poverty alleviation projects and top-runner projects and we are positive on the outlook of the solar EPC business in second half 2018," the company said.

Revenue from the curtain wall and green buildings business remained almost unchanged as a drop in overseas markets offset growth in China. Project delays overseas also led to higher costs, so the division's gross margin decreased to 12.4% from 16.0%.

The company’s results for the first six months of 2018 are in the table.

Results in CNY million	2018	2017
Revenue	3,019.8	2,905.1
- of which Solar EPC revenue	1,800.5	1,541.6
- of which curtain wall and green buildings revenue	786.6	781.7
- of which sale of goods revenue	359.1	529.5
Gross profit margin	24.4%	20.8%
EBITDA	628	508.8
EBITDA margin	20.8%	17.5%
Profits to owners of the company	228.5	80