Hanergy Thin Film Posts Loss Four Times Bigger Than Revenue
- Solar manufacturer writes down goodwill, loses customers
- Auditors raise concern about Hanergy's ability to continue
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Hanergy Thin Film Power Group Ltd., the once high-flying Chinese solar equipment maker whose shares dropped 47 percent on a single day in May, posted its first annual loss since 2009 as revenue plunged and auditors expressed doubts about its ability to stay in business.
The net loss was HK$12.2 billion ($1.58 billion), compared with net income of HK$3.2 billion a year earlier, the company said in a statement to the Hong Kong stock exchange on Thursday. Revenue tumbled 71 percent to HK$2.81 billion. Auditors said they couldn’t determine whether the company will be able to collect all of its receivables.