GCL New Energy’s profits more than double in H1 2015

Solar power-focused firm GCL New Energy Holdings Ltd (HKG:0451) said Thursday its attributable net profit for the first half of 2015 has jumped by roughly 126% year-on-year to HKD 90.2 million (USD 11.6m/EUR 10.3m).

The company started as a printed circuit boards maker and is now involved in the downstream renewable energy field with a focus on solar power. It attributed the improvement in its bottom line result to its solar power generation division, which started to yield revenues during the period under review after most of its photovoltaic (PV) farms were hooked to the grid at the very end of 2014.

GCL New Energy’s gross margin during the first six months of the current year was 28.9%, as compared to just 7.2% a year back.

The company’s January-June 2015 revenue grew by 41.8% on the year to HKD 1.14 billion. It was mainly contributed by the firm’s downstream solar operations.

GCL New Energy currently has over 776 MW of solar farms in various stages of development and construction, as well as 17 grid-connected facilities with a combined capacity of 645.3 MW, it noted. Furthermore, the company plans about 7,500 MW of new solar additions for the next three years, the construction of about 900 MW of which will kick off in 2015.

(HKD 1.0 = USD 0.129/EUR 0.115)

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