January 17 (Renewables Now) - China's Panda Green Energy Group Ltd (HKG:0686) expects to turn to a net loss of over CNY 200 million (USD 29.5m/EUR 25.9m) in 2018 but said its business operating performance for the year has improved.
The company, formerly known as United PV, booked a net profit of CNY 153 million in 2017. Its projections for the negative 2018 result are mainly based on a “significant” drop in non-cash gains on bargain purchases, according to a bourse statement on Tuesday. As it completed only four solar project acquisitions last year, the gain is seen to be lower than the one recorded in 2017, standing at CNY 971 million from 13 acquisitions.
In spite of the anticipated loss, Panda Green guided for an increase in revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) of over 30%. The finance costs to EBITDA ratio is expected to be around 80%.
At end-2018, Panda Green had a portfolio of 74 plants with an installed renewable energy capacity of 2.33 GW, including that of its associates and joint ventures. The plants, of which 73 solar and one wind farm, generated 3,158,459 MWh of electricity last year. In the fourth quarter alone, the output was 796,869 MWh, up from 555,999 MWh a year back.
Panda Green expects to publish its full-year financial report at the end of March 2019.
(CNY 1.0 = USD 0.148/EUR 0.130)