April 3 (Renewables Now) - China's Solargiga Energy Holdings Ltd (HKG:0757) posted an expanded net loss attributable to equity shareholders for 2019 of CNY 355.5 million (USD 50.1m/EUR 46.4m) in spite of a 10% year-on-year revenue increase.
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 said in a bourse filing this week that the wider 2019 loss, which compares to a loss of CNY 222.4 million a year before, is due to the continued decline in average selling prices and decreased demand in the domestic market. The trend reflects a delay in the introduction of China’s 2019 PV power subsidy, Solargiga explained.
Gross profit margin in the past year fell to 7.7% from 9.9%. Earnings before interest, taxes, depreciation and amortisation (EBITDA) contracted to CNY 49.1 million from CNY 136.9 million.
Revenues, meanwhile, climbed to CNY 4.43 billion from CNY 4.02 billion, of which CNY 3.2 billion came from the sale of solar modules. The production of polysilicon and monocrystalline silicon solar ingots and wafers brought CNY 1.15 billion. Shipments of major products for the year stood at 4,134 MW, rising 48% in annual terms.
The company has not recommended an interim dividend payout for 2019.
As of 2020, Solargiga has lifted its annual production capacity of monocrystalline silicon ingots and wafers to 3.6 GW in total. For PV modules it is 3.5 GW, while for monocrystalline silicon solar cells it is 400 MW.
(CNY 1.0 = USD 0.141/EUR 0.131)