Chinese solar manufacturer Solargiga today issued a profit warning ahead of the publication of its unaudited first-half results.
Announcing the figures would be released at a board meeting on Friday, August 30, the ingot, wafer, cell and module maker warned investors to brace themselves for more extensive losses than the RMB104 million ($14.8 million) shed at the same point last year.
Whilst the Hong Kong-based company highlighted the delayed announcement of Beijing’s new solar policy this year as a mitigating circumstance, it was also forced to acknowledge the new ingot and wafer production lines opened last year were still not operating at full capacity.
In an announcement to the Hong Kong stock exchange today, Solargiga said the delay in confirming China’s policy for subsidized PV projects had pushed back an expected recovery in the world’s biggest solar marketplace until the second half of the year, negatively affecting the first-half figures.
Production problems
The company also admitted its high efficiency, monocrystalline wafer and ingot production facilities at Qujing in China’s Yunnan province were still not operating at their full 600 MW capacity.
Solargiga was caught in the headlights last year when the Chinese authorities announced an intent to rein in public solar subsidies, with the manufacturer having just spent big on doubling its solar module production capacity to 2.2 GW.
August 30 is set to be a big day for the sector, with heavily indebted solar project developer Panda Green set to report its first-half results and similarly burdened polysilicon manufacturer GCL-Poly due to update investors on its latest fundraising exercise.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
3 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.