Hanergy Solar boosts H1 2013 net profit 87% Y/Y

Sep 2, 2013 - Chinese firm Hanergy Solar Group Ltd (HKG:0566), formerly Apollo Solar Energy Technology Holdings, on Friday posted a first-half 2013 net attributable profit of HKD 1.44 billion (USD 186m/EUR 141m), up 87% on the year.

The results were in line with the company’s projections from last month for an over 80% year-on-year jump in first-half net profit. The improvement was attributed to a growth in revenues and higher gross margins, said the company which makes equipment and turnkey production lines for amorphous silicon thin-film photovoltaic (PV) modules.

Revenue in the six months increased to HKD 2.08 billion from HKD 1.64 billion, fuelled by a growth in the turnkey production capacity delivered in the period. The company managed to boost its gross margins thanks to technological upgrades, it said previously.

Chinese Apollo Solar Energy Technology Holdings Ltd (HKG:0566) in in November 2012 unveiled plans to change its name to Hanergy Solar Group Ltd, following a deal in which Hanergy Holding become a controlling shareholder.

In a statement on Monday Hanergy Solar said today it would buy Swedish copper indium gallium (di)selenide (CIGS) solar firm Solibro and the intellectual property (IP) rights of its thin film solar technology from its controlling stakeholder Hanergy Holding. The value of the deals is estimated at CNY 280 million (USD 46m/EUR 35m).

(HKD 1.0 = USD 0.129/EUR 0.098)

(CNY 1.0 = USD 0.163/EUR 0.123)

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