Sky Solar says net loss expanded to USD 5.6m in Q3 2015
Solar power plant. Author: Mountain/ \Ash. License: Creative Commons, Attribution 2.0 Generic
Hong Kong-based Sky Solar Holdings Ltd (NASDAQ:SKYS) said Tuesday its net loss for the third quarter of 2015 had widened to USD 5.6 million (EUR 5.3m) from USD 3.6 million a year back.
The company explained its performance during the three months under review was mainly affected by its decision to shift its business model towards that of an independent power producer (IPP). As a result, Sky Solar’s engineering, procurement and construction (EPC) segment booked weaker results across all of the firm’s key geographical markets.
Sky Solar’s July-September gross profit surged by 71.4% year-on-year to USD 8.5 million, mainly thanks to the loser costs of sales in the company’s downstream segment. This translated into a 70% gross margin, growing from 47.9% in the same period of 2014.
Net revenue for the reporting period improved by 17.3% to USD 12.1 million, with power sales accounting for USD 11.3 million. “Electricity sales were up 63.6% year over year as a result of connecting 24.3 MW of additional electricity generating capacity during the quarter, which includes our first 8.0 MW solar park in Uruguay,” founder, chairman and CEO, Weili Su, noted.
As of September 30, Sky Solar had 117.5 MW of power plants in operation and 36 MW of projects under construction in Japan. The company has 1.3 GW of projects in the pipeline worldwide.