Solargiga anticipates 2016 loss

The anticipated loss is partly the result of lower production due to machinery and equipment upgrades, according to a preliminary assessment of its unaudited accounts.

Solargiga Energy Holdings — which produces monocrystalline ingots, wafers, cells and modules — also attributed the group’s poor performance to higher R&D spending over the course of the past year.

In January, it reported unaudited revenue of roughly $438 million for 2016, up slightly from a year earlier.

Total shipments in 2016 — including ingots, wafers, cells and modules — reached 1.54GW, up 34.1% from a year earlier.

It did not say when it would release its audited 2016 results.

The anticipated loss marks a significant step back from the modest 15.7 million yuan ($2.3 million) profit it posted for the 12 months to the end of December 2015.

Hong Kong-listed Solargiga also derives revenue from the sale of PV-generated electricity, as well as the provision of EPC services.

Its annual monocrystalline ingot production capacity stands at roughly 1.2 GW, on top of about 900 MW of monocrystalline wafers per year.

The vertically integrated group also produces about 330 MW of solar cells and 1.2 GW of modules per year.