Polaris solar PV net news: on August 29, the joint solar announced interim results for the six months ended June 30, 2014. Combined PV-total revenue was about $ 238 million dollars, a significant increase of 51.8% from a year earlier, revenue growth primarily from PV electricity sales. Gross profit and gross profit margin of almost HK $ 48 million and 20.2% respectively, underlying profit was 10.10 cents a share.
According to statistics, as of June 30, 2014, combined PV and its affiliates beneficially owned in China and operates 13 on-grid PV power station, with a total installed capacity of 467MW, covering Guangdong, Fujian, Gansu, Jiangsu, Qinghai and Inner Mongolia. 11 this company owned and operated power plants, with a total installed capacity of 443.2MW.
In addition, PV is buying jointly a project company, the company in Inner Mongolia which has a total capacity of 65MW of photovoltaic power plant. Once the acquisition is completed, beneficially owns and operates 14 combined PV photovoltaic power plant. During this period, 14 photovoltaic power station ideal, while generating capacity totals approximately 242 million-kilowatt.
Meanwhile, combined PV are gradually shed its solar cell business. Its solar company in Quanzhou, Fujian province, in 51% reduction in turnover to HK $ 77 million dollars during that period, segment net loss of HK $ 253 million dollars.
On August 27, 2014, United Solar has selling agreements with PowerSolarInvestmentsLimited, regarding the sale of the wholly owned subsidiary of branch 70% of all the issued share capital of the company, cash price of HK $ 217 million dollars.
Combined PV said the sale will help to increase the liquidity of the company, companies can pool resources to further focus on business to buy and operate the PV power plant. Intended to be used for the net proceeds from the disposal of solar power station business capital expenditures and for general working capital.
According to the report, during the period, combined PV is gradually widening financing channels, supporting business development. CDB and Shenzhen respectively, gold leasing and Qinghai State CDB into a strategic cooperation agreement to support solar PV business expansion of the company.
Combined PV-Li, Chief Financial Officer, said: “turnaround confirms our positive PV new business development in the right direction. The future, we will focus on the acquisition and operation of photovoltaic power stations. Is currently a historic opportunity for solar power development, we can see that President XI Jinping of China to promote ‘ energy revolution ‘, Premier Li keqiang by vigorously developing clean energy, including solar energy. Due to the large investment in PV industry, long cycle, income is relatively stable, needs a lot of resources from Governments and financial institutions, therefore landing in PV-Government policies in the process of with trimming the background, has a market-oriented operation team, focusing on operational efficiency, excellent to enhance size of operators would stand out in the competitive market, occupation of the photovoltaic market high ground, to become the industry leader. ”
Original title: combined PV 2014 interim profit increases from a year earlier to 51.8%