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Panda Green Energy issues profit warning, expects first-half loss
PANDA Green Energy Group issued a profit warning on Friday, with the group expected to record a net loss of 27 million yuan (S$5.4 million) for the six months ended June 30, compared to a restated net profit of 27 million yuan for the year-ago period.
The Hong Kong-headquartered company attributed the swing from profit to loss to a few non-cash factors: a drop in bargain purchases; a rise in amortisation of share-based payment; and an expected fair value loss in financial instruments.
The net profit for the six months ended June 30, 2017 was restated from 277 million yuan to 27 million yuan as a result of the finalisation of the purchase price allocation for the business combinations that occurred in the first half of 2017, and the adjustment for the loss on early redemption of convertible bonds as adopted in the annual report in 2017.
The company noted that it is still in the course of finalising the interim results, including but not limited to the determination of various valuations, with the interim results announcement expected to be published by the end of August.