LONDON (Alliance News) -Auhua Clean Energy PLC Wednesday said its pretax profit dipped in the first half of 2015 due to the property decline in China hampering revenue.
The Asian-focused renewable energy technology company reported a CNY24.7 million pretax profit in the first six months of 2015, a slight drop from the CNY25.6 million a year ago as turnover fell to CNY112.8 million from CNY116.2 million.
Auhua said its order book has risen by almost 70% since June 2014, to stand at around CNY133.5 million compared to CNY13.9 million a year ago.
Auhua is targeting Chinese properties to install its green energy and energy efficient water heating systems, and said the strong focus on property developers resulted in unit sales rising 2.3% year-on-year to 37,356 units from 36,500 units.
However, it said the Chinese property decline appears to bottoming out, but said the outlook "remains challenging".
"I am pleased to report a solid set of results for the six months ended 30 June 2015. In spite of a bearish property sector in China, we have continued to maintain strong revenues and excellent margins," said Chairman David Sumner.
Auhua shares were up 7.1% to 3.00 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.