Sky Solar Holdings Ltd (NASDAQ: SKYS) shares displayed healthy gains Thursday on first-half financial figures.
The Hong Kong-based Sky Solar announced Thursday it had posted net income of $5.2 million in the first half of 2017, versus a net loss of $2.2 million in the year-ago period. Revenues were $30.6 million, up 6.6% from 1H 2016.
Electricity sales were $27.9 million in the first half of 2017, up 9.0% from $25.6 million in the same period of 2016. The year-over-year increase in electricity sales was primarily due to the increased average operational IPP assets in the first half year of 2017.
Moreover, the first half of calendar 2017 was a busy one for the company, including multiple strategic transactions such as the sale of 23 MW of Greek assets for a total consideration of $41.9 million; the issuance of preferred shares in the Canadian portfolio with an existing strategic financial partner; and the Monetization of 19.4 MW of assets in Japan in which the Company has a 30% stake
According to Chairman Hao Wu, “We accomplished a tremendous amount of progress in the first half of the year, despite leadership changes. Our revenue and adjusted EBITDA increased substantially, and continued to develop more of our pipeline. Our pipeline under construction now is over 50% of our operating assets, setting us up for meaningful growth in the months ahead.”
This favorable news all translated to a hike of 11 cents per share by noon ET Thursday, or 11.7%, to $1.82, within a 52-week trading range of $1.00 to $3.62.
