Profit warning: Solargiga expects an »increased loss«
Post date: 17/08/2019 - 19:15
Chinese company Solargiga Energy Holdings Ltd. announced a profit warning. The Board on the Management informed the shareholders and the potential investors that based on a preliminary assessment on the unaudited management accounts of the Group for the period ended June 30, 2019, it is expected that, compared to the corresponding period of last year, the Group will record an increased loss.
Main reasons include that China’s 2019 photovoltaic power subsidy policy »was introduced later than expected, which caused the domestic market demand to be deferred to the second half of this year.« Furthermore, the production capacity of the Group’s new low-cost high-efficiency monocrystalline silicon ingots and wafers »was still in adjustment phase during the period.« As the production capacity has not been fully utilized, the advantages of its economy of scale has not yet been displayed, says the company.
The Board intends to disclose details of the Group’s results on August 30, 2019.