China Singyes Solar posts USD-96m loss for 2018

Solar array. Author: U.S. Department of Agriculture .

August 19 (Renewables Now) - China Singyes Solar Technologies Holdings Ltd (HKG:0750) reported on Friday its results for 2018, showing a net loss of CNY 678.8 million (USD 96.3m/EUR 86.8m) versus a CNY-143.8-million profit a year back.

The company, which designs and builds curtain walls and solar projects, delayed the publishing of its annual financial report because of discussions related to offshore debt restructuring. The table contains details.

Results in CNY million, unless specified	2018	2017
Revenue	4,416.6	5,675.4
- from curtain walls and green buildings	1,502.3	1,675.8
- from solar EPC	2,101.9	2,588.2
Adjusted EBITDA	97.9	1,001.2
Profit (loss) attr. to owners of the company	(678.8)	143.8

The fall in solar revenues came as Singyes Solar had to suspend many engineering, procurement and construction (EPC) projects. It explained that the tightening of the lending environment and its default in various senior notes affected its ability to secure new financing, while the EPC business' working capital requirements are high.

Last week China Singyes Solar said it would fight in October a winding-up petition by Deutsche Bank AG, Hong Kong Branch.

(CNY 10 = USD 1.42/EUR 1.28)

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