Goldpoly New Energy narrows 2010 loss, solar business on profit

(ADPnews) - Mar 31, 2011 - Chinese Goldpoly New Energy (HKG:0686), former Time Infrastructure Holdings, narrowed its 2010 net loss to HKD 15.1 million (USD 1.9m/EUR 1.4m), but reported a net profit of HKD 20.6 million from its recently acquired solar cell business.

A year earlier, the company's loss stood at HKD 24.4 million.

In October 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.

Revenue for 2010 rose to HKD 249.1 million from HKD 97.4 million. A total of HKD 124.7 million came from the solar energy segment for the period between end-October and December 2010. The segment also reached a gross profit margin of 23.3%.

At th e end of December, Goldpoly New Energy had HKD 2.67 billion in total assets and HKD 342.2 million in current liabilities.

(HKD 1 = USD 0.128/EUR 0.091)

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