GCL New Energy guides for 82.6% higher H1 2016 profit
Solar panels. Featured Image: Jackiso/Shutterstock.com
Solar power-focused firm GCL New Energy Holdings Ltd (HKG:0451) said Thursday it expects its attributable net profit for the first half of 2016 to grow by some 82.58% on the year to at least CNY 130 million (USD 19.5m/EUR 17.7m).
Based on preliminary statistics, the projected improvement in the company’s bottom line result can be mainly attributed to its increased installed photovoltaic (PV) power capacity, cost control measures and system efficiency enhancements. The aggregate number of GCL New Energy’s solar parks had jumped from 17 as of end-June 2015 to 68 a year later, according to the statement.
Over January-June 2016, the firm hooked to the grid 1,100 MW of PV parks, boosting its total grid-connected capacity in operation to a cumulative 2,700 MW. In comparison, it owned 772 MW in end-June the previous year.
GCL New Energy is active in the downstream renewable energy field with a focus on solar power, and also makes printed circuit boards. The company will publish its audited interim financial results by the end of August.