Chinas GCL New Energy, a subsidiary of GCL-Poly Energy Holdings, on Thursday posted a net loss to HK$112.7 million ($14.5 million) in the nine-month period from April through December 2014, down from HK$173.3 million in the previous reporting period, the year ending March 31.
GCL New Energy focuses on development, construction and operation of solar power, energy storage, energy conservation, smart micro-grid and distributed energy.
The groups overall revenue dropped from HK$1.58 billion to HK$1.17 billion while its operating loss reached HK$$137 million after a previous reporting period operating profit of HK$49.9 million.
GCL New Energy Chairman Tang Cheng attributed the companys net loss primarily to amortization of expenses related to share options as well as the increase in costs and expenses due to GCLs expansion into the solar energy business. The groups expansion has included development, acquisition or investment in greenfield or existing solar power plants, solar energy projects and solar energy assets, according to Cheng.
The company raised HK$1.64 billion last year from a share subscription completed by GCL-Poly in May, which signified the official birth of GCL New Energy, Cheng added. With 360 million new shares, GCL-Poly became the companys controlling shareholder.
In October, the company placed additional shares to raise a further HK$740 million.
GCLs completed projects in China included installations in Inner Mongolia, Jiangsu, Shanxi, Qinghai and Xinjiang. GCL is planning to add 7.5 GW of on-grid solar capacity between 2015 and 2017.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.