Xinyi Solar sees up to 65% higher profit for 2016

Hong Kong-based solar glass maker Xinyi Solar Holdings Ltd (HKG:00968) said Tuesday it expects its net profit for 2016 to surge by between 50% and 65% on the year.

The firm booked a HKD-1.21-billion (USD 156m/EUR 148m) profit in 2015.

The forecast is based on preliminary statistics for the first 11 months of 2016, Xinyi Solar said. It explained that the improvement in its performance can be attributed to more than two-times higher sales contributions from its electricity generation business, as its installed photovoltaic (PV) capacity is now significantly higher than a year back.

Other factors to positively impact Xinyi Solar’s bottom line result during the period include a 10% year-on-year growth in solar glass products sales. The gross profit margin, cost and production efficiency of the segment improved, too.

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 2016 financial results by end-February 2017.

(HKD 1.0 = USD 0.129/EUR 0.122)

Choose your newsletter by Renewables Now. Join for free!