Xinyi Solar sees up to 155% higher profit for 2015

Hong Kong-based solar glass maker Xinyi Solar Holdings Ltd (HKG:00968) said Tuesday it expects its consolidated attributable net profit for the full 2015 to surge by between 125% and 155% on the year.

The firm booked a HKD-493-million (USD 63.6m/EUR 58.1m) profit in 2014.

The forecast is based on preliminary statistics for the first eleven months of 2015, Xinyi Solar said. It explained that the improvement in its performance can be attributed to the fact that solar glass products sales have grown by over 70% year-on-year, thanks to the favourable policies of the Chinese government.

Other factors to positively impact Xinyi Solar’s bottom line result during the period include the dilution of its stake in its unit Xinyi Solar (LuiAn) Co Ltd. In addition, the company expects to switch on 610 MW of ground-mounted solar plants by end-December, which although less than the targeted 984 MW are bound to yield significant sales contributions.

Xinyi Solar, a unit of Xinyi Glass Holdings (HKG:0868), is focused on the making of solar glass, but has also expanded into the downstream solar power generation segment. The company is to publish its full-year 2015 financial results in early March 2016.

(HKD 1.0 = USD 0.129/EUR 0.118)

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