United PV posts H1 revenue increase of 125%, profit decrease of 26%

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China’s United Photovoltaics Group (United PV) has posted a contrasting set of first half (H1) financial results for 2015, enjoying a solid increase in revenue but seeing its profit margin fall by 26% compared to the same period last year.

The unaudited condensed consolidated interim results for the company show that the first six months of the year up to June 30 generated revenues of $44 million – up from $19.7 million in H1 2014, an increase of 125%.

However, profit for H1 2015 was just $39.9 million, which represented a 26% decrease on the $53.5 million profit registered in H1 2014.

Explaining the fall in profits, the Hong Kong-based company said that steep depreciations in property, plants and equipment due to a series of PV plant acquisitions was to blame. The company also endured higher development and operation costs in H1 2015 than the year prior. United PV purchased seven solar farms in China with a cumulative installed capacity of 160 MW throughout the first half of the year.

The company’s key expansion plans involve further domestic acquisitions and growth, United PV confirmed, which in part explained its increased revenues – higher sales of electricity generated by its wider solar portfolio helped to boost the company’s bottom line.

United PV’s EBITDA performance was up 227%, reaching $33.3 million in H1 2015. At the end of the first half of this year, the company boasted 21 solar PV plants in operation, with an installed capacity of 637 MW.