Press Release
To: Business Editors For Immediate Release
Announces 2015 Interim Results
Solar EPC business grows by 32.4% to RMB1,034 million
Net profit surges by 7.7% to RMB 223 million
Financial Highlights:
| (RMB) (unaudited) |
June 2015 |
June 2014 |
Change |
| Revenue (with tariff adjustment included) |
2,200 million |
2,300 million |
-4.3% |
| Profit before tax |
284 million |
256 million |
+11% |
| Net profit |
223 million |
207 million |
+7.7% |
Revenue by business:
(RMB)
|
June 2015 |
June 2014 |
Change |
| Solar EPC and sale of renewable energy goods |
1,519 million |
1,281 million |
-18.6% |
Curtain wall & green building projects and sale of conventional materials
|
654 million |
983 million |
-33.2% |
| Sale of electricity with tariff adjustment included |
44.7 million |
14.5 million |
+208% |
(Hong Kong, August 27, 2015) China Singyes Solar Technologies Holdings Limited (the "Company" or "Singyes", together with its subsidiaries, the "Group", Stock Code: 0750.HK) today announced its unaudited interim results for 2015.
During the period, the Group's revenue from solar EPC and sale of renewable energy goods has increased steadily, of which the EPC business grew by 32.4%. However, due to the unfavourable construction industry environment in China, the Group's revenue dropped by 4.3% to RMB2,200 million in the first six months of 2015. Net profit increased 7.7% to RMB223 million.
Solar EPC and sale of renewable energy goods
Thanks to the positive market circumstances in solar application, the Group was able to maintain its strong growth momentum in the solar EPC business in the past few years. The solar EPC business grew by 32.4% to RMB1,034 million, while the gross profit margin reached 28.7%.
The Group is aggressively developing its solar EPC business and has expedited various collaboration projects, including signing project agreements with Yangdong County in the Guangdong province, GCL Newenergy and China Minsheng New Energy. The Group also signed an MOU with China South City to invest, develop and operate on-the-ground and distributed solar power stations.
In the first half of the year, the Group has completed solar EPC projects amounting to 120MW, mainly located in in the Middle and Eastern regions.
Curtain wall and green building business
As affected by the China's economic slowdown, the Group's revenue from curtain wall and sale of conventional materials dropped by 33.2% to RMB654 million. The Group has strategically allocated some of the resources to develop overseas markets for risk mitigation.
Others
In the first six months, the Group's other revenue, including sale of new materials and management service fees, dropped by 24.6% to RMB27.6 million.
Overseas business expansion
The Group is also actively expanding its overseas business and secured sizable projects from places like Hong Kong and Macau. Revenue from overseas business accounted for 3.1% of the total revenue. It is expected that the contribution from overseas business would increase in the second half of the year.
Continuously optimizing the financing structure
The Group placed HKD250 million senior notes and completed USD100 million syndicated loan facility in February and August respectively, which has helped strengthen the financing structure for supporting business growth.
Mr. Liu Hongwei, Chairman of Singyes Solar, commented, "The strong growth in the Group's solar EPC business in the first six months proves that the market demand for solar application has remained strong. We will continue consolidating our leading position in the solar and green building markets. In the meantime, as solar power is applied in more areas in China following the adoption of the new 'One Belt and One Road' strategy, we will continue to consolidate resources, develop new products and technology in order to capture more opportunities."
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About China Singyes Solar Technologies Holdings Limited
China Singyes Solar Technologies Holdings Limited is a professional renewable energy solution provider. It focuses on the integration of renewable energy systems with the core of building energy saving, and is dedicated to offering economical solutions for green buildings. The Group has set a vision to turn every building into a mini power plant.
Singyes Solar also specializes in developing solutions such as curtain walls, distributed and on-the-ground solar power stations and smart micro grid systems, and develops and promotes new products which meet market needs.
For further enquiries, please contact:
Edelman Public Relations Hong Kong
Angela Hui / Justin Chow
Tel: (852) 2837 4721 / 2837 4736
Email: Angela.Hui@edelman.com / Justin.Chow@edelman.com
