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China Singyes Solar turns to H1 loss

Solar modules. Author: Marco Bellucci. License: Creative Commons, Attribution 2.0 Generic

October 15 (Renewables Now) - China Singyes Solar Technologies Holdings Ltd (HKG:0750) last week reported a net attributable loss to owners of the company of CNY 468 million (USD 66.2m/EUR 60m) in the first half of 2019, versus a profit of CNY 228.5 million a year before.

The company is involved in the design and construction of curtain walls and building integrated solar systems, as well as in the production of solar photovoltaic (PV) materials and solar thermal products. In a bourse filing on Thursday, it explained that its solar business suffered due to the suspension or delay of many engineering, procurement and construction (EPC) projects as the tightening of the lending environment and its senior note default affected its ability to secure new financing.

The table below contains more details about the company’s first-half performance.

Results in CNY million, unless specified H1 2019 H1 2018
Revenue 1,148.4 3,019.8
- from curtain walls and green buildings 387.6 786.6
- from solar EPC 498.4 1,800.5
- from sale of goods 200.9 359.1
Gross profit (loss) (61.14) 736.96
Pre-tax profit (loss) (460.93) 321.49
Profit (loss) attr. to owners of the company (468.02) 228.48
Profit (loss) per basic/diluted share in CNY (0.581) 0.274

(CNY 1.0 = USD 0.141/EUR 0.128)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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