Sunpower Group guides for net loss in 3QFY2024

Felicia Tan11-05

Sunpower is expected to release its results on or before Nov 14.Sunpower Group is guiding for a net loss in the 3QFY2024 ended Sept 30. The expected net loss is mainly due to the need to make a one-...

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The projects refer to the one in Xintai City of Shandong Province and the project in Tongshan District, Xuzhou City of Jiangsu Province and the group’s financial years end on Dec 31.\nThe group had previously recognised the biomass power subsidies in respect of the project in Xintai and the project in Tongshan as trade receivables during FY2021, FY2022 and FY2023, reads its statement on Nov 5.\nAccording to Sunpower, the possibility of recovering the relevant biomass power subsidies is “low” based on the current situation. As such, it intends to make a one-off provision for bad debt in its 3QFY2024 results and its FY2024 results.\nThe group says the provision for bad debt is one off in nature and that it fully reflects the potential loss from the information it received.\nSunpower is expected to release its results on or before Nov 14.\nAs at 12.04pm, shares in Sunpower are trading 2 cents lower or 6.25% down at 30 cents.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481684582"}