Xinyi Solar to Record Up to 80% Drop in 2024 Net Profit

MT Newswires Live

2024/12/31

Xinyi Solar (HKG:0968) expects its consolidated attributable net profit for 2024 to decline by 70% to 80% from the year-ago period, according to a Tuesday filing with the Hong Kong Stock Exchange.

The estimated drop was partly due to a reduction in revenue from the group's solar glass business amid demand-and-supply imbalance and falling market prices.

The company recorded a net profit of 3.84 billion yuan in 2023.

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