China's Hareon Solar ’12 net profit drops 99.5% on weak PV market

12 March 2013 03:38  [Source: ICIS news]

SINGAPORE (ICIS)--China’s photovoltaic (PV) producer Hareon Solar Technology said on Tuesday that its net profit decreased by 99.5% to (CNY) 2.1m ($0.3m) in 2012 from CNY402m  in the previous year, because of the weak PV market.

Many Chinese PV companies suffered losses, as they were severely hit by the antidumping and countervailing measures as well as investigations by the US and the EU, Hareon Solar said in a filing to the Shanghai Stock Exchange (SSE). Prices declined as demand for China-origin PV product weakened.

Net profit fell sharply as a result of the plummeting PV prices, the company added.

Operating revenue for last year declined by 30.4% to nearly CNY5.0bn from CNY7.1bn in 2011, Hareon Solar said.

The company is headquartered at Jiangyin city in Jiangsu province.

($1= CNY 6.22)

By: Viola Pan
+65 6780 4359

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