April 2 (Renewables Now) - Chinese firm Shunfeng International Clean Energy Ltd (HKG:1165) this week reported a 2019 loss of CNY 1.88 billion (USD 265.4m/EUR 242.9m), widening from CNY 1.71 billion a year ago.
The 2019 results presented on Tuesday are unaudited because the coronavirus outbreak led to delays in the auditing process, the company noted. Details are available in the table.
|Results in CNY million||2019 unaudited||2018 restated|
|Loss for the year||(1,885)||(1,707)|
|Loss for the year from cont. operations||(2,014)||(948.5)|
|Profit (loss) for the year from discont. operations||129||(758)|
|Gross profit from cont. operations||727||610|
|Revenue from cont. operations||1,731||1,643|
|- of which solar power generation in China||1,368||1,308|
|- of which LED manufacturing and sales||363||334.5|
|Revenue from discont. operations||6,576||8,648|
|- of which PV manufacturing, sales and installation||6,398||8,428|
Shunfeng completed the sale of its solar products manufacturing business to Zhonghe Shandong Energy Co in September 2019. In November, it also sold 11 solar farms in China. These “two very substantial disposals” will allow it to repay overdue debts by installments and improve its highly indebted position. It is now focusing on solar power generation in China and LED manufacturing.
As regards to the COVID-19 crisis and the complicated global economy, Shunfeng is taking measures to “strike a balance between holding long-term assets and reducing short-term cash flow deficit for the interests of the Shareholders and the Company as a whole”. It will also reduce its management costs and expenses further.
(CNY 10 = USD 1.41/EUR 1.29)