Jun Yang Solar H1 net profit jumps fivefold

Aug 21, 2014 - Hong Kong-based Jun Yang Solar Power Investments Ltd (HKG:0397) said yesterday it had booked a first-half 2014 net profit of HKD 118.8 million (USD 15.3m/EUR 11.6m), marking a 401% year-on-year jump.

The result is in line with the company’s projections from earlier this month for a net profit of at least HKD 90 million.

Jun Yang, formerly known as China Gogreen Assets Investment Ltd, develops solar projects and is also involved in assets investment. The company attributed the bottom line improvement to a gain of some HKD 162 million on the change in the fair value of held-for-trading investments. Its diluted earnings per share (EPS) in January-June rose to HKD 0.0136 from HKD 0.0036.

The Chinese firm will not distribute an interim dividend.

Jun Yang operates a 10-MW solar facility in Golmud, Qinghai province, a 20-MW park and a 1.5-MW rooftop system in Xuchang and Zhengzhou, Henan province. It also aims to further expand its solar portfolio, it noted.

The company saw its revenues in the six months climb by 25.7% on the year to HKD 22.8 million thanks to higher interest income from loan financing. Revenue from the three solar parks rose to HKD 9 million from HKD 2.2 million.

(HKD 10 = USD 0.290 /EUR 0.973)

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