GCL New Energy’s H1 2017 profit jumps to USD 120m

Solar firm GCL New Energy Holdings Ltd (HKG:0451) reported net attributable profit from continuing operations of CNY 485 million (USD 119.6m/EUR 100.9m) for the first half of 2017, up from CNY 147 million a year back.

According to preliminary figures, basic and diluted earnings per share (EPS) rose to CNY 2.54 from CNY 0.81, GCL New Energy said on Wednesday. The Hong Kong-based solar power-focused firm attributed the improvement in its performance to its solar power generation business and the increase of photovoltaic (PV) power generation capacity. Higher electricity production and lower administrative costs also contributed to the better results.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew to CNY 1.64 billion from CNY 780 million.

The Chinese firm boosted its revenues for the six months to CNY 1.81 billion from CNY 929 million in the year-ago period. At the end of June, its installed solar capacity globally totalled 5,079 MW, which was 86% more as compared to the same period of 2016. About 4,987 MW of the plants are situated in China, while 92 MW are in Japan and the US. Grid-connected facilities in January-June rose by 91% to 4,173 MW, while total electricity sales jumped by 103% to 2,368 million kWh.

GCL New Energy noted that its first-half results for 2016 have been restated following the sale of its printed circuit board business, agreed at the end of 2016. The printed circuit board operations are now classified as discontinued operations.

Looking ahead, GCL New Energy said it is optimistic about the solar energy industry development in the second half of 2017 and expressed its commitment to achieve its goal of adding between 1.5 GW and 2 GW of fresh capacity this year.

(CNY 1.0 = USD 0.152/EUR 0.128)

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