Xinyi Glass' solar sales improve in H1 2012

Jul 30, 2012 - Hong Kong-based Xinyi Glass Holdings (HKG:0868) today said it had booked first-half revenues of HKD 799.4 million (USD 103m/EUR 83.8m) from its solar glass segment, up from HKD 653.6 million a year earlier.

The float and solar glass products maker said the solar segment had been hit by severe price competition in the first three months of 2012, but that it had witnessed a significant rebound in sales volume in the second quarter.

The solar glass segment's gross profit for the six-month period nearly halved to HKD 157 million from HKD 319.7 million.

At the end of June, the segment's total assets amounted to HKD 3.15 billion, while its total liabilities were HKD 408.2 million.

Xinyi Glass' consolidated revenue for the reporting period rose by 18.3% on the year to HKD 4.59 billion. However, net profit melted 43.4% to HKD 476.9 million.

During the first half of the year, the company installed a rooftop solar facility at its Wuhu production complex. It said it planned to construct two similar systems at its Tianjin manufacturing facility and at Wuhu again, seeking to cut its carbon dioxide emissions and optimise its energy cost structure.

(HKD 1 = USD 0.129/EUR 0.105)

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