GCL New Energy sees 206% Y/Y jump in H1 profits

GCL New Energy Holdings Ltd (HKG:0451) expects to book a 206% year-on-year growth in attributable profit from continuing operations for the first half of 2017 thanks to an increase in its installed solar capacity.

The Hong Kong-based solar power-focused firm anticipates to book a first-half attributable profit of CNY 450 million (USD 67.5m/EUR 57.4m), as compared to CNY 147 million a year earlier, it said in a bourse statement on Thursday. It explained that the improvement came after it boosted the number of its solar parks to 129, as of June 2017, from 66 a year back.

At the end of June, GCL New Energy had 5,049 MW of installed solar capacity globally, up 88.4% on a yearly basis. Most of the plants, or 4,962 MW, are situated in China. Grid-connected facilities in January-June rose by 94.8% to 4,143 MW, while total electricity sales jumped by 106.6% to 2,355 million kWh.

GCL New Energy expects to publish its financial results for the six-month period by the end of this month. It 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.

(CNY 1.0 = USD 0.150/EUR 0.127)

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