GCL New Energy posts wider loss for FY 2013/14

Jun 27, 2014 - Hong Kong-based GCL New Energy Holdings Ltd (HKG:0451) said today its attributed loss for the fiscal 2013/14 had deepened to HKD 181.5 million (USD 23.4m/EUR 17.2m) from HKD 175.4 million a year back.

The solar products and printed circuit boards maker, known as GCL-Poly Energy Holdings Ltd until recently, blamed the negative result on the change in the fair value of convertible redeemable bonds. It noted that its attributable loss would actually amount to HKD 14.8 million excluding these effects, compared to HKD 1.7 million in fiscal 2012/13.

GCL New Energy’s full-year operating profit increased to HKD 41.7 million from HKD 23.1 million. Gross profit margin doubled to 8.2% due to lower raw material prices.

The company’s revenue rose by 10.9% year-on-year to HKD 1.58 billion thanks to an increase in sales of HDI printed circuit boards. GCL New Energy aims to expand its renewable energy operations, including the development, construction, operation and management
of solar power plants, energy storage facilities and distributed energy projects, among others.

(HKD 1.0 = USD 1.290/EUR0.946)

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