Sky Solar posts USD-13.9m H1 loss

Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic

December 12 (Renewables Now) - Sky Solar Holdings Ltd (NASDAQ:SKYS), a Hong Kong-based independent solar power producer, on Wednesday reported a net loss of USD 13.9 million (EUR 12.6m) for the first half of 2019, against net income of USD 8.2 million last year.

The result reflects a USD-36-million loss on disposal of interest in subsidiaries, caused by the company's lender, Hudson Solar Cayman LP, taking over a number of subsidiaries without Sky Solar's consent. After a settlement agreement with Hudson, Sky Solar expects to be compensated for its Uruguay special purpose vehicles.

Revenue in the period stood at USD 25.9 million, down from USD 33.2 million in the same period in 2018, as electricity revenue fell to USD 24.3 million from USD 31.9 million previously.

Operating profit was USD 10.3 million compared to USD 24.4 million last year, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to USD 18.6 million from USD 34.2 million.

As of end-June, the company owned and operated 117.1 MW of solar parks and had 16.9 MW of projects under construction.

(USD 1.0 = EUR 0.898)

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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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