Solargiga sees deeper loss in H1 2019

Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

August 19 (Renewables Now) - China's Solargiga Energy Holdings Ltd (HKG:0757) expects to book a wider net loss for the first half of 2019 as compared to the year-ago period.

The projections are based on preliminary calculations, Solargiga said in a bourse filing on the Hong Kong stock exchange. In the first half of 2018, its net loss attributable to equity shareholders amounted to CNY 103.8 million (USD 14.7m/EUR 13.3m).

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. The company explained that the deeper first-half loss is mainly expected due to a delay in the introduction of China’s 2019 PV power subsidy policy and the partial utilisation of its production capacity. According to the press release, its capacity for manufacturing monocrystalline silicon ingots and wafers was still in an adjustment phase during the six months.

Solargiga warned that the final results for the January-June period may be different from its projections. It expects to release its interim financial report on August 30. Last month, it guided for a 1.5% year-on-year rise in first-half revenues.

(CNY 1.0 = USD 0.142/EUR 0.128)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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