Xinyi Solar Holdings Ltd., a maker of glass for panels that make power from sunlight, expects profits to “increase significantly” this year after demand and prices for its products rose in the third quarter.
Xinyi Solar’s higher net income is due to strong panel demand growth outside of Europe -- in Japan, the U.S. and China -- and higher prices, Wuhu, China-based Xinyi Glass said yesterday in a Hong Kong Stock Exchange filing.
The company’s net income in the first half of the year was HK$80.2 ($10.3 million), down 31 percent from the same period last year. Xinyi Solar shares started trading in Hong Kong yesterday after being spun off by parent Xinyi Glass Holdings Ltd.
The Hong Kong-based parent also expects profitability to improve on improved demand from the solar industry, as well as on improved sales of construction, float and automobile glass, according to separate stock exchange filing yesterday.
The Hong Kong exchange yesterday approved a Xinyi Solar spin off by its parent.