Kong Sun unveils losses in delayed 2015, H1 2016 results

Solar farm. Author: iamme ubeyou. License: CC0 1.0 Universal.

December 14 (SeeNews) - Hong Kong-based investor Kong Sun Holdings Ltd (HKG:0295) on Thursday posted its delayed financial results for 2015 and the first half (H1) of 2016, showing it had turned to net losses in both periods.

For the full 2015, the company swung to a CNY-99-million (USD 14.3m/EUR 13.5m) deficit from a CNY-11.7-million profit a year back. It’s bottom line result for January-June 2016 endured a big decline, too -- Kong Sun posted a CNY-124.4-million H1 loss versus a profit of CNY 3.2 million in the same six months of 2015. During both reporting periods, the Chinese firm’s performance was impacted negatively by very high finance costs and administrative expenses, its financial statements show.

Meanwhile, 2015 revenues rocketed by 231.2% year-on-year to nearly CNY 1.74 billion, thanks to higher electricity sales from photovoltaic (PV) power plants and an increase in profit from the trading of solar equipment. As those two favourable factors weakened and even ceased in H1 2016, Kong Sun saw its top line decrease by approximately 49.7% on the year to CNY 208.2 million.

Further details on Kong Sun’s full-year 2015 and subsequent interim results are available in the table below:

Financial indicator 2015 2014 H1 2016 H1 2015
Gross profit  CNY 191.2 million CNY 49.2 million CNY 122 million CNY 73.3 million
Pre-tax profit (loss) (CNY 83.4 million) CNY 20.8 million  (CNY 122.9 million) CNY 14.7 million
(Loss)/Earnings per basic and diluted share (in CNY cents) (1.08) 0.27 (0.94) 0.04

As at June 30, the group owned and operated 950.3 MW of grid-connected solar farms in total.

Kong Sun’s shares have been suspended from trading since April 1, 2016. Since all resumption conditions have been fulfilled with the publication of the 2015 and H1 2016 results, the company has filed an application with the Hong Kong Stock Exchange to resume trading its shares on December 15, 2016.

(CNY 1.0 = USD 0.145/EUR 0.136)

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