The results are broadly in line with a profit warning that Solargiga Energy Holdings issued in early March. It attributed its poor results to investments in production capacity, as well as higher R&D spending throughout 2016.
Revenue rose to 3.02 billion yuan in the 12 months to the end of December, from 2.8 billion yuan a year earlier, as external shipments of ingots, wafers, cells and modules hit roughly 1.54 GW, up 34.1% year on year.
Revenue from China, which accounts for slightly less than half of the company’s business, jumped 59% year on year to 1.45 billion yuan. Sales to Japan — its biggest foreign market — fell slightly to 1.39 billion yuan, according to a statement to the Hong Kong stock exchange.
Shipments of PV modules edged up from 616 MW in 2015 to 769 MW, as the group doubled its annual panel production capacity to 1.2 GW.
Yearly output of PV cells stood at 350 MW in 2016, while total shipments of monocrystalline silicon ingots hit 234.8 MW, from just 57.4 MW a year earlier, on annual output of 1.2 GW. Production of monocrystalline wafers, meanwhile, reached 900 MW.
The company — which established a venture with Taiwanese cell specialist Motech Solar in 2015 — also produces a range of multicrystalline, P-type and N-type double sided solar cells at its factory in Jinzhou, Liaoning province, primarily for use in its own projects. It did not discuss its downstream business in its financial statement, except to note that it disposed of a subsidiary that operated an undisclosed project in China’s remote Qinghai province.