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Sunpower Group’s 1H15 Net Profit Down 23%

Sunpower Group announced a fall of 23.4 percent in net profit for 1H15, from Rmb33.4 million to Rmb25.6 million, despite turnover inching up 1.6 percent to Rmb568.4 million.

The poorer performance was attributable to a 5.5 percentage points decline in gross margin to 19.6 percent, as increased competition squeezed margins in heat exchanger and pressure valves segment.

Additionally, higher staff remuneration in order to recruit higher skilled personnel, as well as the higher impairment of allowance on trade and non-trade receivables also weighed on the bottom line.

As of 30 June, total orders in hand stands at approximately Rmb940 million. Going forward, the group intends to continue to strengthen its research and development investment in the field of air and water pollution prevention to meet its long-term development strategy.



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