Sunpower Expects Net Loss in Q3 on 80 Million Yuan Bad Debt Provision

MT Newswires

Nov 05, 2024

Sunpower Group (SGX:5GD) expects to report a net loss for the third quarter ending Sept. 30, after setting aside an 80.1 million yuan provision for bad debt on previously recognized biomass power subsidies, according to a Monday filing on the Singapore Exchange.

The anticipated one-off charge stems from reduced subsidy recoverability related to two biomass projects in China.

The projects, in Xintai City, Shandong Province, and Tongshan District, Jiangsu Province, faced subsidy shortfalls from 2021 to 2023 due to reduced payments from subsidiaries of the State Grid Corporation of China.

The company expressed low confidence in recovering the overdue subsidies and deemed the provision necessary to reflect potential losses accurately.

Price (SGD): S$0.31, Change: S$-0.015, Percent Change: -4.62%

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