Finance costs, impairments to push BE Clean Energy's FY profits down

Solar panels in China. Featured Image: zhu difeng/Shutterstock.com

January 24 (Renewables Now) - Beijing Enterprises Clean Energy Group Ltd (HKG:1250) last week said it expects its consolidated profit for 2019 to be between 35% and 45% lower than in 2018 as a result of higher finance costs and losses related to abandoned construction projects.

The company expects to book an impairment loss related to construction projects that faced delays and were consequently abandoned by it, to relocate resources to other projects.

BE Clean Energy is currently undergoing a restructuring, shifting its focus away from construction and towards power sales and clean heat supply as businesses with higher margins.

The company will publish its full-year results by the end of March.

BE Clean Energy explores opportunities in various areas, including solar power, wind power, clean heat supply, energy storage, geothermal energy and hydropower.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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