Panda Green Energy Group Limited Provides Earnings Guidance for the Six Months Ended June 30, 2018
August 03, 2018 at 07:39 pm IST
Share
Panda Green Energy Group Limited provided earnings guidance for the six months ended June 30, 2018. For the period, the company expected that the group may record a net loss of approximately RMB 80 million, as compared to the restated net profit of approximately RMB 27 million for the corresponding period in 2017. The net profit for the six months ended June 30, 2017 was restated from RMB 277 million to RMB 27 million as a result of the finalization of the purchase price allocation for the business combinations that occurred in the first half of 2017 and the adjustment for the loss on early redemption of convertible bonds as adopted in the annual report in 2017. The revenue and EBITDA of the Group for the Period are expected to increase by around 50% and 60%, respectively, as compared to the corresponding period in 2017. The Group expects its overall results for the Period may record a loss. The reasons for turning profit to loss for the Period were mainly attributed to a few non-cash factors: a drop in bargain purchases, an increase in the amortization of share-based payment and an expected fair value loss in financial instruments.
Beijing Energy International Holding Co Ltd, formerly Panda Green Energy Group Ltd, is an investment holding company principally engaged in solar power plants businesses. The Company is principally engaged in development, investment, operation and management of solar power plants and other renewable energy projects. The renewable energy projects include photovoltaic, wind power, hydropower and other clean energy investment operations. The Company's new energy projects cover China and some overseas regions, including Inner Mongolia, Qinghai, Ningxia, Shanxi, Hubei, Xinjiang, Gansu, Yunnan, Shandong, Jiangsu, Hebei, Guangdong and other places.