Narada Power Net Profit Sets for 15%-45% Gain during Jan.-Sept.

Published: Oct 15, 2015 15:23

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Narada Power is expected to achieve 128-161 million yuan ($ 20.1-25.3 million) in net profit in the first three quarters of 2015, up 15%-45% from a year ago, according to the company’s earnings foreca

SHANGHAI, Oct. 15 (SMM) – Narada Power is expected to achieve 128-161 million yuan ($ 20.1-25.3 million) in net profit in the first three quarters of 2015, up 15%-45% from a year ago, according to the company’s earnings forecast.

In the third quarter, the company gained net profit of 47.38-80.7 million yuan, growing 35.31% YoY to 230.47%.

Anhui Huabo Renewable Resources Technology contributed 20-30 million yuan in net profit during Q3 after Narada Power acquired 51% stakes in the company. Net profit from those businesses, including backup power, storage power and motive lithium batteries used for new energy vehicles, posted a rise versus a year ago. However, business revenues from motive batteries registered large losses year on year because of fierce and persist price wars.

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