Goldpoly New Energy widens loss in H1 2011, solar business in the black

Aug 29, 2011 - Chinese Goldpoly New Energy (HKG:0686), former Time Infrastructure Holdings, reported last week a net loss of HKD 62.2 million (USD 8m/EUR 5.5m) for the first half of 2011, while its solar power segment booked a net profit of HKD 6.5 million.

A year before, the company's loss stood at HKD 8.5 million. Adjusted net loss for the current period, excluding interest expense on convertible notes and other factors, amounted to HKD 7.1 million.

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 better reflect its new business course. In mid-July 2011, the company decided to discontinue its retail shop operations.

Operating loss for the first half widened to HKD 31.2 million from HKD 8.6 million.

Revenue was HKD 331.5 million, up from HKD 58.1 million a year ago. The solar power segment brought sales of HKD 277 million.

As of June 30, Goldpoly had total assets of HKD 2.83 billion and HKD 344.2 million in current liabilities.

(HKD 1 = USD 0.128/EUR 0.088)

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