Huajun Holdings reports 29% revenue drop in its solar business

Investment holding company, Huajun Holdings Limited saw its revenue increase 100% year-on-year in the six months ended September 30, as a result of improved sales in the trading and logistics business, and despite a 29% drop in its PV manufacturing business sales.

The company, which operates in eight businesses under five different segments, reports that its solar segment registered revenue of RMB 545.7 million RMB ($82.4 million) in the first half of the current fiscal year, down from RMB 778.3 million in the same period of the previous fiscal year.

The group’s profit for the period was RMB 25.2 million, slightly up from RMB 22.4 million a year earlier.

In January 2016, Huajun Holdings agreed to subscribe 11.52% interests in Chinese solar manufacturer Hareon Solar through placing new shares for speeding up the development of its solar business. In May of this year, however, the agreement for the acquisition of this minority stake was terminated.

The group announced that Huajun Ectricpower Limited delivered its first solar module in December 2015, after announcing its entry in the solar manufacturing business four months earlier. At the time, Huajun Holdings said it had acquired several unnamed companies, which are principally engaged in business, including manufacturing and sales of monocrystalline silicon, polycrystalline silicon, silicon wafers, solar cells and solar modules. The solar segment’s main operations are located in Jiangsu Province, China.