China Ruifeng's H1 profit plunges by 91%

Hong Kong-based wind power producer China Ruifeng Renewable Energy Holdings Ltd (HKG:0527) on Wednesday reported a substantially weakened bottom line for the first half of 2019.

The company reported a net profit for the period of CNY 4.02 million (USD 559,500/EUR 505,000), down from CNY 44.1 million a year back. It blamed the decrease on higher financial costs and a non-cash and non-operating item on expenses tied to a share-based payment, which in turn arose from the issue of convertible bonds.

The result attributable to equity shareholders was a loss of CNY 19.3 million versus a profit of CNY 20.5 million in the same period of 2018.

Revenue went down by 2% on the year to CNY 202.8 million, reflecting lower electricity production from wind farms.

(CNY 1.0 = USD 0.140/EUR 0.126)

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