Hanergy claims return to profit in 2016 annual financial report

Hanergy's household PV sales performed strongly in 2016, aiding a return to profit, the company claims.

Hanergy Thin Film, the Hong Kong headquartered solar firm, has today reported an improvement in revenue and a return to profit for 2016 following the company’s resumption of trading on the Hong Kong stock exchange.

According to its 2016 annual filing, Hanergy Thin Film posted revenue of HK$4.48 billion (~$577 million) last year, which was almost double the HK$2.815 billion the company managed in 2015 – a year pockmarked with a series of troubling financial filings and reports.

Profit for the group was HK$252 million ($32.4 million), which was largely driven by Hanergy’s household power generation unit that saw the sale of more than 30,000 home solar PV kits last year.

This ‘dealer system’ driven sales channel was responsible for around a quarter (HK$1.23 billion) of Hanergy Thin Film’s revenue last year, and represented a 340% increase in volume in the space of 12 months.

It was only on January 23 this year that Hanergy had its trading resumed with the Hong Kong Securities and Futures Commission (SFC), having been suspended in May 2015 and compelled by the SFC to pay back outstanding debts to its subsidiaries.

The company added that it is urgently carrying out “organization and system” reforms to enable it to better respond to the market in a more timely and efficient manner. One such strategy is the increased localization of thin film technology mass production that forms part of its new “One Base and Two Fronts” sales approach – continuing to focus in improving its thin film technology while employing both turnkey solutions, and also pursuing further growth in mobile energies, which encapsulates electric vehicles and unmanned drone technology.