Xinyi Solar sees up to 90% higher profit for H1 2016

Hong Kong-based solar glass maker Xinyi Solar Holdings Ltd (HKG:00968) said Tuesday it expects its net profit for the first half of 2016 to surge by between 70% and 90% on the year.

The firm booked a HKD-601-million (USD 77.4m/EUR 69.1m) profit in the corresponding period of 2015.

The forecast is based on preliminary statistics for the first five months of 2016, 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 50% year-on-year, thanks to the continuous growth in solar power deployment in China.

Other factors to positively impact Xinyi Solar’s performance during the period include a higher solar glass products profit margin, thanks to certain cost control efforts and increased production efficiency. In addition, the company yields bigger sales contributions from its electricity generation business, as its installed photovoltaic (PV) capacity is now significantly higher than a year back.

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 first-half 2016 financial results by end-July.

(HKD 1.0 = USD 0.129/EUR 0.115)

Choose your newsletter by Renewables Now. Join for free!