United Photovoltaics eyes USD-46.4m profit in H1 2014

Jul 24, 2014 - Hong Kong-based solar energy firm United Photovoltaics Group Ltd (HKG:0686) expects a net profit of no less than HKD 360 million (USD 46.4m/EUR 34.5m) for the first half of 2014, compared to the HKD-1.06-billion loss a year earlier.

The turnaround is attributed to the revaluation of non-cash financial instruments and the firm's fast-growing solar power generation business which brought additional power generation revenues, the company said yesterday. United PV, former Goldpoly New Energy, makes polysilicon solar cells and since 2013 develops, invests, operates and manages solar power plants.

During the reporting period, lower demand for photovoltaic (PV) solar cells was more than compensated by the increase in solar power generation. As a result, United PV’s gross profit is expected to amount to some HKD 50 million, versus a gorss loss of HKD 17.4 million in 2013.

The company purchased six operational solar farms during the first six months of 2014, thus expanding its portfolio. It now expects revenues from electricity generation to jump to HKD 161 million from HKD 177,000 in the same period a year earlier.

The group is expected to publish its audited financial report by the end of August.

(HKD 1 = USD 0.129/EUR 0.096)

Choose your newsletter by Renewables Now. Join for free!