GCL System increases revenue by 88% as GCL New Energy adds over 1GW to grid in 1H 2016

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GCLNE reported that at the end of June, 2016 it was operating 68 solar power plants in China across 19 provinces.

China-based PV Manufacturer GCL System Integration Technology (GCLS) and downstream PV energy provider sister company, GCL New Energy (GCLNE) have both released strong financial results for the first half of 2016.

GCL System reported first half year revenue of RMB 6.7 billion (US$1 billion), an increase of 88%, compared to the prior year period.  Net profit in the period was around RMB 193 million (US$28.9 million), only 2.77% higher than the prior year period. 

The company noted that the increased revenue was primarily due to strong installations in China, which according to the China Photovoltaic Industry Association new PV installations reached 20GW in the first half of the year.

However, in currently released financial filings, GCLS did not provide module shipment figures for the period. 

Sister downstream firm GCLNE reported that at the end of June, 2016 it was operating 68 solar power plants in China across 19 provinces, compared to 17 plants in the prior year period. Total capacity reached approximately 2,735MW, compared to approximately 772MW in the prior year period, representing a year-on-year growth of approximately 254%. 

GCLNE therefore grid connected an extra 1,095MW in first half of 2016. The majority of modules used in its in-house developed projects come from GCLS, although at least 100MW of modules were sourced from ZNShine before the end of June, 2016, according to separate financial filings. 

GCLNE noted that it had acquired 8 PV power plants with a combined installed capacity of 415MW in the first half of 2016. The company also completed 20 in-house developed PV power plant projects with a combined installed capacity of 690MW. 

However, GCLS has a number of third party project developer customers in China. 

GCLNE noted that it had approximately 705MW of projects under construction, with the aim of reaching 2GW to 2.5GW of new installed capacity in 2016. 

The company generated revenue RMB 1,671 million (US$250 million), representing an increase of 86% from the prior year period. Net profit was RMB167 million (US$25 million) in the first half of 2016.

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