Goldpoly posts USD-137m H1 loss after acquisition

Aug 30, 2013 - Hong Kong-based solar energy firm Goldpoly New Energy (HKG:0686) posted a January-June net loss of HKD 1.06 billion (USD 137m/EUR 103m) after an impairment of goodwill related to the takeover of China Merchants New Energy.

A year ago, net loss stood at HKD 98.1 million.

In June Goldpoly said it had wrapped up the purchase of the 92.15% it did not already own in China Merchants New Energy Holdings Ltd. The buy helped Goldpoly diversify into the downstream solar segment and also ensured internal consumption of the solar products it makes. In the first-half financial report it booked a HKD-1.37-billion impairment as the price paid was significantly higher than the recoverable amount of the underlying business.

Basic loss per share for the first half of 2013 expanded to HKD 1.0567 from HKD 0.1137, while Goldpoly’s operating loss was HKD 1.03 billion, compared to a deficit of HKD 62.5 million.

Revenue for the reporting period grew to HKD 156.7 million from HKD 118.7 million. Revenues from the making of solar cells and modules stood at HKD 156.6 million, while the new solar park operation segment posted sales of HKD 117,000.

(HKD 10 = USD 1.289/EUR 0.974)

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