In the news release, GCL System Integration Raises Guidance for 1H 2018 To RMB 20.41 million - RMB 30.02 million, issued 16-Jul-2018 by GCL-SI over PR Newswire, we are advised by the company that the 1st paragraph, 1st sentence, should read "GCL System Integration (SZ: 002506) (GCL-SI)" rather than "GCL New Energy Inc. (002506.SZ) (GCL or "the Company")" as originally issued inadvertently. The complete, corrected release follows:
GCL System Integration Raises Guidance for 1H 2018 To RMB 20.41 million - RMB 30.02 million
Turning Losses Into Profit, Company Set To Match 2017 Performance
SUZHOU, China, July 16, 2018 /PRNewswire/ -- GCL System Integration (SZ: 002506) (GCL-SI), the world's leading provider of one-stop, cutting-edge, integrated energy systems, has revised its forecast for net profit attributable to shareholders in the first half of 2018 to between RMB 20.41 million and RMB 30.02 million (US$3.05 million to US$4.49 million), matching last year's performance and representing a significant turnaround from the loss projected in its the first quarter earnings report.
In GSL-SI's first quarter report, net loss attributable to shareholders was RMB 147 million, with performance loss in the same period expected to be between RMB 100 million and RMB 0. GCL SI's second quarter profit was estimated to be around RMB 200 million yuan.
According to the second quarter announcement, thanks to a cyclical peak season for the photovoltaic industry, GCL SI had sufficient orders to sustain booming production and sales. Although the impact caused by the "5.31 New Deal", such as reduced domestic demand for PV products, was felt strongly in the installed capacity of Chinese domestic PV power plants, the company has already shifted its focus to overseas markets to diversify and expand its customer base. The company's share of sales to overseas markets has rapidly increased from 14% in the first half of 2017 to the current 50%. Big overseas orders have a stabilizing effect on the company's performance when the domestic PV industry is volatile.
GCL SI, while adapting to changes in markets, industrial policies and customer needs, has been proactively diversifying its business. By integrating premium social resources, the company is exploring robust second pillar businesses to enhance its risk resilience and profitability.
GCL System Integration Technology Co., Ltd. (002506.SZ) (GCL-SI), is part of the GOLDEN CONCORD Group (GCL). GCL-SI delivers a one-stop, cutting-edge, integrated energy system and is committed to becoming the world's leading solar energy company.
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