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Solargiga sees 11% drop in 9-mo revenues

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Solargiga sees 11% drop in 9-mo revenues


October 16 (Solar) – China's Solargiga Energy Holdings Ltd (HKG:0757) expects its revenue for the first nine months of 2018 to shrink by 11.1% on the year to CNY 2.5 billion (USD 361m/EUR 311m).

Citing unaudited operating statistics, the Chinese company, which makes monocrystalline silicon ingots, wafers, cells and modules, said in a bourse filing on Monday that the decrease reflects a drop in revenues from its production activities. The provided projections are based mainly on the revenues and external shipment volumes from Solargiga’s processing services and the engineering, procurement and construction (EPC) of photovoltaic (PV) plants.

Revenues from production activities in January-September are seen at CNY 2.44 billion, or 12.6% lower than in the year-ago period. Meanwhile, other revenue is anticipated to soar by 220.7% in annual terms to CNY 60.3 million. External shipment volumes are expected to improve by 3.5% to CNY 1.76 billion, according to the announcement.

At the end of June, Solargiga's production chain included 1.2 GW monocrystalline silicon (mono-Si) ingot, 1.2 GW mono-Si wafer, 400 MW monocrystalline solar cell and 2.2 GW module capacity. The company said last month it is implementing a capacity expansion process that will see it lift its ingot and wafer capacity to 1.8 GW each in the second half of 2018.

(CNY 1.0 = USD 0.144/EUR 0.125)


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