Solar cell manufacturer Hainan Drinda New Energy Technology Co. Ltd. (2865.HK; 002865.SZ) said on Wednesday its revenue fell 8.08% year-on-year to 5.22 billion yuan ($782 million) in the first nine months of this year, while its loss narrowed 2.25% to 428 million yuan. The company reported its revenue rose 1.17% in the third quarter to 2.04 billion yuan, while its net loss widened 12.92% to 175 million yuan.
Excluding non-recurring gains and losses, the company posted a net loss of 539 million yuan for the first three quarters of the year. Non-recurring items generated a net gain of 111 million yuan, including about 212 million yuan in government grants. Net cash used in operating activities was 142 million yuan, down 83.42% from a year earlier. The company said the improvement reflected an increase in cash received from sales of goods and provision of services.
Drinda’s shares opened lower but moved higher on Thursday in Hong Kong, trading at HK$10.81, down 1.41% by the midday break. The stock has fallen about 50% year to date.
By Lee Shih Ta
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