China's Hareon Solar H1 net profit swings to loss on plunging PV

14 August 2012 07:31  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Hareon Solar Technology swung to a net loss of yuan (CNY) 135m ($21m) in the first-half of 2012 from a net profit of CNY231m in the same period last year, on subdued photovoltaic (PV) market, it said on Tuesday.

The PV market weakened amid slow Chinese economic growth and the European debt crisis, Hareon said in a filing to the Shanghai Stock Exchange.

The company came under additional pressure after the US announced on 17 May an anti-dumping duty (ADD) ranging from 31.14% to 249.96% on PV products from China, Hareon Solar said.

Its revenue for the first six months of the year declined 24% to CNY2.54bn, it added.

The company also posted an operating loss at CNY 184m, a decline from an operating profit of CNY251m in the same period last year.

The company’s headquarter is located at Jiangyin city in Jiangsu province.

($1= CNY 6.36)

By: Viola Pan
+65 6780 4359

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