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Panda Green guides for H1 net loss

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Panda Green guides for H1 net loss


August 7 (Solar) – China's Panda Green Energy Group Ltd (HKG:0686) expects to report a net loss of about CNY 80 million (USD 11.7m/EUR 10.1m) for the first half of 2018 but said its business operating performance has improved.

Among the reasons for the projected loss are a drop in bargain purchases, increased amortisation of share-based payment and a fair value loss in financial instruments, according to a bourse statement on Friday. During the six months, the Chinese firm acquired only 20 MW of solar power plants, while in the year-ago period it bought into a Tibetan company owning the development rights for over 5 GW of hydropower and 80 MW of solar projects.

In the first half of 2017, Panda Green booked a restated net profit of CNY 27 million.

In spite of the anticipated bottom line result in January-June, the Chinese company forecast that its first-half earnings before interest, tax, depreciation and amortisation (EBITDA) and revenues will grow by 60% and 50%, respectively. The ratio of finance costs, including those for convertible bonds, bank and other borrowings, to revenue is seen at around 70%, against 121% in the year-ago period.

At the end of June, Panda Green had a portfolio of 2.1 GW of installed renewable energy capacity, including that of its associates and joint ventures.

Formerly known as United PV, the Chinese company in 2016 entered into a memorandum of understanding (MoU) with the United Nations to start building panda-shaped solar power plants around the world and subsequently changed its name. Its first-half financial report will be published by the end of August.

(CNY 1.0 = USD 0.146/EUR 0.126)


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