August 27 (Solar) – China's Solargiga Energy Holdings Ltd (HKG:0757) on Friday said it expects to post a loss of CNY 103.8 million (USD 15.3m/EUR 13.1m) in the first half of 2018 due to a drop in sales and increased costs.
In the year-ago period, the Chinese company, which makes monocrystalline silicon ingots, wafers, cells and modules, booked a profit attributable to the equity shareholders of CNY 95.3 million. It explained in a bourse statement that its forecast for a first-half loss this year is attributed to an “unexpected” decline in sales volumes and prices following policy changes on the Chinese solar market and inventory provision during the period, as well as a rise in research and development (R&D) costs.
The projections are based on a preliminary assessment on unaudited management accounts and may differ from actual results. Solargiga expects to publish its first-half financial report on August 31.
(CNY 1.0 = USD 0.147/EUR 0.126)