China's Solargiga posts positive results

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In its annual results that were released today, the manufacturer reported a loss for the year of RMB 116, 567, 000. This is in contrast with 2012, which saw a loss of RMB 1, 295, 053, 000. However, turnover improved by 115.7% from RMB 996, 836 to RMB 2, 150, 328, suggesting that revenue streams for the firm are in recovery.

The report’s authors state in the annual review, “The global solar industry was in recession and the restriction of demand existed, mainly due to the expansion of production capacity of solar industry to induce over-supply. However, after experiencing the hardship of operating environment, there were the signs of recovery since 2013 and the industry has been in gradual recovery since last year.”

The report places the solar energy industry’s recovery as the cause for its increased turnover, and points out that turnover for H2 2013 was an increase of 62.6% on that of H1. The loss attributable to equity holders over the year also showed an 89.4% decrease compared to the year before.

The report ends on a positive note with its authors stating confidently, “[…] the recovery of industry visibility is crystal clear and at the same time significantly increased the demand of photovoltaic market, which the capacity of the market will be enlarged.”

A subsidiary of the company has recently signed a deal to build 200 MW of solar plants in Ghana. DCH-Solargiga, of which 70% is held by Solargiga, will build the facilities along with the Savannah Accelerated Development Authority.

The company’s directors did not recommend the payment of a final dividend for either 2012 or 2013.