Hareon Solar swings to USD-14.8m profit in 2015

Chinese firm Hareon Solar Technology Co Ltd (SHA:600401) has returned to a 2015 attributable net profit of CNY 96.1 million (USD 14.8m/EUR 13.1m) from a CNY-947.6-million loss a year back.

The company managed to avoid a third consecutive annual loss along with the possible delisting of its shares from the Shanghai Stock Exchange (SSE). After turning profitable again, Hareon Solar filed to withdraw the delisting risk warning, an online statement showed last week.

The result is in line with the Chinese firm’s forecast for a positive top line of between CNY 60 million and CNY 140 million. As previously reported, Hareon Solar attributes the improvement in its performance mainly to increased gross profit margins for its main products along with an improved asset structure following certain power plant sales.

Hareon Solar makes solar equipment and also develops, builds and operates PV parks worldwide. On an adjusted basis, its net loss for 2015 contracted to CNY 95.9 million from a CNY-981.1-million deficit in 2014.

The solar company’s revenues for the 12 months through December 2015 grew by 22.8% on the year to CNY 6.09 billion. Hareon Solar also swung to a net cash flow from operating activities of CNY 1.06 billion during the period under review, compared to a CNY-522.5-million outflow a year before.

(CNY 1.0 = USD 0.154/EUR 0.136)

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