China Singyes Profit Rises as China Demand Boosts Solar Business

(Bloomberg) -- China Singyes Solar Technologies Holdings Ltd. , a project-engineering contractor, said first-half profit rose 41 percent as its green-building and solar-project businesses expanded.

Net income was 315.6 million yuan ($47 million) in the six months through June, up from 223.2 million yuan a year earlier, the company said in a filing to the Hong Kong stock exchange on Tuesday. The result was broadly in line with the company’s forecast of an increase of at least 40 percent in profit. Sales rose 25 percent to 2.72 billion yuan.

Strong domestic demand has boosted revenue at the company’s solar-engineering business and its curtain wall and green buildings business, China Singyes said earlier this month. The company also benefited because of a gain in income related to power production from its existing solar farms, China Singyes said.

China is seeking to use more renewable energy to help cut carbon emissions, boosting solar demand. The nation is expected to add a record 25 gigawatts of photovoltaic power this year, up 40 percent from 2015, Bloomberg New Energy Finance forecasts.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net. To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Iain Wilson

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