Solargiga moves to op profit in H1 2014

Aug 29, 2014 - Chinese firm Solargiga Energy Holdings Ltd (HKG:0757) said Wednesday it had returned to an operating profit of CNY 46.4 million (USD 7.5m/EUR 5.7m) in the first six months of 2014 from a CNY-94.7-million loss in 2013.

The company manufactures solar ingots, wafers, photovoltaic (PV) cells and modules and also designs and installs solar systems and operates PV plants. It attributed the good results mainly to the gradually recovering solar power segment and the constantly growing and more balanced demand.

Solargiga’s net loss attributable to equity holders for the reporting period narrowed by 88.1% on the year to CNY 16.3 million.

The company saw its revenues surge by 85.9% year-on-year to CNY 1.52 billion. Solargiga said the more stable prices of raw materials, along with the growing demand of the recovering global market and а partnership with Japan’s Sharp Corp (TYO:6753) were among the main reasons for the increase. Most of its revenues came from Japan -- CNY 1.16 billion. This compares to CNY 512 million in 2013.

Per segment, the sale of solar cells brought about CNY 168 million in revenues, while revenue from solar modules came at CNY 1.02 billion, growing from CNY 358.7 million previously. Revenue from manufacturing and provision of processing services for silicon solar ingots and wafers was CNY 319.9 million.

Solargiga shipped 61.9 MW of cells, up from 45.7 MW a year earlier. External shipments of modules jumped to 232.1 MW from 79.9 MW. Silicon solar ingot shipments fell by 40.9% on the year to 26.7MW, while wafer shipments climbed 41.2% to 209.7 MW.

(CNY 1 = USD 0.163/EUR 0.124)

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