Xinyi Energy Holdings (HKG:3868) forecasts its first-half net profit will fall 25% to 35% year over year from the HK$567.7 million recorded in the year-ago period, according to a Friday filing with the Hong Kong Stock Exchange.
The foreseen decline is attributable to lower revenue from sold electricity due to grid consumption problems in some provinces in China, coupled with higher depreciation costs stemming from new solar farm projects during the half and foreign exchange costs for Hong Kong dollars and the renminbi, the filing said.
The power company plans to release first-half results before the end of August.
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