Xinyi Solar first-half revenue climbs

Xinyi Solar (0968), announced its interim revenue for the six months ended 30 June 2020 at around HK$4.6 billion, representing a 15.7 percent increase year-on-year, mainly contributed by the continuous growth in its solar glass and solar farm businesses.

Its gross profit increased by 39.2 percent to around HK$2.2 billion and gross profit margin increased 8.0 percentage points to 47.3 percent.

Net profit increased by 47.6 percent year-on-year to HK$14.1 billion, with the basic earnings per share at 17.39 HK cents. The company declared an interim dividend of 8.5 HK cents per share.

The group added that after short-term setbacks under the coronavirus pandemic, global solar development is poised to resume its growth trajectory. It also predicted that China’s photovoltaic installation rate is expected to achieve a strong rebound in the second half of 2020, in which the company would keep expanding its solar glass production capacity.