Concord New Energy expects H1 profit to fall over 66% on drop in power generation
Concord New Energy anticipates a significant drop in first-half net profit, projecting a decline of around 66 to 69 percent. This slump is attributed to the "dual impacts of grid absorption constraints and climate fluctuations." The company expects revenue to range between 90 million yuan and 100 million yuan for the six months ending June 30, a sharp contrast to the 292 million yuan earned in the same period last year.
The reduction in power generation can be traced back to the aforementioned grid absorption constraints and climate fluctuations. Additionally, the increasing market-oriented power trading and a drop in electricity tariffs have further contributed to the decline in revenue and profit from the power generation business.
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