Solargiga sees 40.4% Y/Y growth in Q1 revenues

China's Solargiga Energy Holdings Ltd (HKG:0757) expects to book a 40.4% year-on-year increase in revenues for the first quarter of 2019 to CNY 922.7 million (USD 137.6m/EUR 121.7m), it said on Monday.

The projections are based on unaudited operating statistics and reflect a rise in revenues from the company’s production activities. Solargiga makes monocrystalline silicon solar ingots, wafers, photovoltaic (PV) cells and modules and is also involved in the engineering, procurement and construction (EPC) of solar plants.

According to a bourse filing, the Chinese manufacturer’s revenues from the production business are seen at CNY 921.5 million in January-March, registering a 44.5% improvement in annual terms. Revenue from other activities, meanwhile, is expected to drop by 93.9% to CNY 1.2 million.

External shipment volumes are anticipated to be 53.1% higher than in the year-ago period, standing at 707.3 MW.

At end- 2018, Solargiga's production capacity was 1.8 GW for monocrystalline silicon (mono-Si) ingot, 1.8 GW for mono-Si wafer, 400 MW for monocrystalline solar cell and 2.2 GW for modules.

(CNY 1.0 = USD 0.149/EUR 0.132)

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