UPDATE - Xinyi Solar eyes even higher H1 2015 net profit

Hong Kong-based solar glass maker Xinyi Solar Holdings Ltd (HKG:00968) has revised its attributable net profit guidance for the first half of 2015 and now expects the figure to surge by between 180% and 210% year-on-year.

The firm booked a HKD-200.3-million (USD 25.8m/EUR 23.6m) profit in the corresponding period of 2014. The initial forecast for the current year for between 150% and 180% was changed as a result of the higher-than-expected income from the company’s solar engineering, procurement and construction (EPC) business segment, it said on Wednesday.

Xinyi Solar previously explained the improvement in its performance with the 60% higher solar glass products sales, due to its two new ultra-clear photovoltaic (PV) raw glass production lines. Other factors to positively impact its performance in January-June include a higher solar glass products profit margin, a diluted stake in a unit, product mix adjustments and sales contributions from 280 MW of ground-mounted solar plants.

The company, a unit of Xinyi Glass Holdings, is focused on the making of solar glass, but has also expanded into the downstream solar power generation segment with some 750 MW under development and construction. The firm is to publish its first-quarter 2015 financial results by end-July.

(HKD 1.0 = USD 0.129/EUR 0.118)

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