Concord New Energy warns FY 2025 profit may fall over 80%
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Concord New Energy anticipates a profit drop of over 80% for FY2025, down from approximately RMB800m in FY2024, due to increased wind and solar curtailment, lower electricity prices, and a reversal of renewable subsidy revenue. Despite this, cash from operations rose year-on-year, and the company plans to reduce its workforce by over 30% by the end of 2025. Additionally, a subsidiary has ordered $56.6m worth of batteries for a US energy storage project, which will be funded through internal resources or borrowings. Annual results are expected by March 2026.
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Source: Singapore Business Review The copyright of this article belongs to the original author/organization.
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