United Photovoltaics swings to profit in H1 2014

Aug 29, 2014 - Hong Kong-based solar energy firm United Photovoltaics Group Ltd (HKG:0686) said yesterday it has turned to a net attributable profit of HKD 392 million (USD 50.6m/EUR 38.4m) in the first half of 2014 from a HKD-912.7-million loss a year back.

United PV, former Goldpoly New Energy, makes polysilicon solar cells and since 2013 develops, invests in and operates solar power plants. The company said the good result was mainly due to higher electricity sales and HKD-741-million of gains from the revaluation of certain financial instruments. These effects were partially offset by a HKD-214-million impairment charge on property, plant and equipment for the solar cell segment.

The company booked basic earnings per share of HKD 0.1010 for the first half of 2014, against a HKD-0.9101 loss in 2013.

United PV’s operating profit for the reporting period was HKD 359.3 million, versus a deficit of HKD 886.2 million in the previous year.

Revenue for January-June grew to HKD 238 million from HKD 156.7 million, thanks to high sales of electricity by the solar power plants. Revenues from the making of solar cells and modules stood at HKD 77.1 million, while electricity sales fetched HKD 160.9 million.

As at the end of June, United Photovoltaics operated solar plants with an installed aggregate capacity of 443.2 MW.

(HKD 1 = USD 0.129/EUR 0.098)

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