Kong Sun forecasts H1 profit of $5.9 million

The Chinese PV investor said it may record a net profit of up to CNY 40 million ($5.9 million) for the first half of 2017. The preliminary figures point to a sharp turnaround from last year, as it posted a net loss of CNY 124.4 million in the first six months of 2016.

Kong Sun’s largest market in China is the remote Xinjiang region, where it was operating 240 MW of solar at 11 locations by the end of 2016.

Image: Kong Sun

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Kong Sun primarily attributed its stronger performance this year to higher sales of electricity generated by its PV plants throughout China. The group’s total electricity sales soared to CNY 526.3 million in the first half, up sharply from 208.2 million during the same period a year earlier.

Its solar projects generated about 658.6 GWh of electricity in the January-June period, up 83.2% year on year. Its total installed solar capacity reached 1.36 GW in China at the end of June.

However, Kong Sun has yet to finalize its interim results for the first six months of the year. It will release its interim earnings by the end of August, according to a statement to the Hong Kong stock exchange.

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Although it struggled in the first half of 2016, it managed to record a $7.9 million profit for the full year. Its portfolio of operational solar projects in China more than doubled in size throughout 2016.

The company has had a particularly busy summer thus far. Just a few weeks ago, it announced the completion of a 30 MW solar project in Huanghua, in northern China’s Hebei province. It also acquired 100 MW of solar capacity at three different locations in the country for a total of approximately $80.3 million.

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