Singyes Solar boosts profits in H1 2013

Aug 30, 2013 - China-based Singyes Solar Technologies Holdings (HKG:0750) saw its net profit rise to CNY 170.9 million (USD 28m/EUR 21m) in the first half of 2013 from CNY 135.9 million a year ago.

The company, which makes conventional curtain walls and building integrated photovoltaic (BIPV) systems, posted earnings before interest, tax, depreciation and amortisation (EBITDA) of CNY 308.7 million for the period, up from CNY 194.9 million a year back.

Gross margin improved to 25.1% from 24.7%. Gross margin at the BIPV business was 31.5%, down from 34.5% in the first half of 2012. “Although there will be slight pricing pressure due to market transparency and competition, the Directors are still confident to maintain a relative high margin for our BIPV business,” the company said.

Singyes Solar’s revenue for January-June stood at CNY 1.7 billion, compared to CNY 1.29 billion. Revenue from BIPV projects increased to CNY 819.2 million from CNY 508.6 million in the same period of 2012. The company also sells BIPV components, solar thermal collectors and air-source heat pumps as well as Indium Tin Oxide (ITO) products and that business brought CNY 216.7 million in revenues, up 27.1% year-on-year.

On Thursday Hong Kong-based solar cell maker Goldpoly New Energy said it would buy 100 MW of rooftop solar capacity in Hunan province from Singyes Solar. The asset purchase deal was struck to verify Goldpoly and Singyes’ commitment to a strategic cooperation agreement sealed on the same day. Under that pact, the two companies plan to collaborate on the development of rooftop and ground-mounted solar systems as well as on micro-grid projects, green energy-saving buildings, application of low-carbon new energy in Chinese islands and the development of green intelligent low-carbon satellite cities in the country.

(CNY 1 = USD 0.163/EUR 0.123)

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