Kong Sun guides for H1 profit thanks to solar business

Hong Kong-based investor Kong Sun Holdings Ltd (HKG:0295) said Monday it expects to turn to an attributable net profit for the first half of 2015 as a result of its operations in the solar power industry, based on preliminary statistics.

The company posted a HKD-2.3-million (USD 297,000/EUR 270,000) loss a year back.

Kong Sun explains the projected turnaround in its result with higher electricity sales from its photovoltaic (PV) plants and an increase in profit from the trading of solar equipment. Among other factors to positively influence the firm’s performance in the first six months of 2015 was a HKD-22.5-million gain from the sale of a property.

At present, the company owns and operates 219.5 MW of solar farms in Xinjiang Uygur autonomous region and Gansu province and has also secured more than 1,000 MW of PV schemes countrywide. It aims to boost its installed solar capacity to 1.2 GW by end-2015.

Kong Sun is currently working on finalising its audited financial report for the six months ended June 30, which is expected to be published in August 2015.

(HKD 1.0 = USD 0.129/EUR 0.118)

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