Goldpoly New Energy posts USD-150m net loss in 2011

Mar 26, 2012 - Chinese Goldpoly New Energy (HKG:0686) said Friday its net loss had widened to HKD 1.15 billion (USD 150m/EUR 112m) in 2011 from HKD 15.1 million a year ago, including a net loss of HKD 1.04 billion at the solar power segment.

In October 2010 Time Infrastructure, initially engaged in the retail of fashion apparel, wrapped up the acquisition of local photovoltaic (PV) cells maker Goldpoly International Ltd. It later changed its name to Goldpoly New Energy, while in mid-July 2011, the company decided to discontinue its retail shop operations.

The loss reported by the company's solar cell manufacturing operations was due to a HKD-1.13-billion impairment of goodwill related to the acquisition of the solar energy business in 2010. The segment also suffered from falling market prices and tough business environment within the sector, which resulted in a 2011 gross margin of 16.5%, down from 23.3% a year before.

Goldpoly saw its total operating loss expand to HKD 1.07 billion from HKD 4.4 million in 2010.

Consolidated revenue for the year rose to HKD 840.5 million from HKD 249.1 million. The solar cell segment brought HKD 769 million in sales, while revenue at the fashioning business was HKD 71.5 million, Goldpoly said.

(HKD 1 = USD 0.129/EUR 0.097)

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