GCL New Energy Holdings Limited reported China sales results for the year ended 31 December 2016. Electricity sales volume for the year 2016 was 2,784 million kWh compared to 870 million kWh a year ago.

The group expected to record an anticipated profit attributable to owners of the company from the remaining solar energy business (the continuing operations) of not less than RMB 280 million for the year ended 31 December 2016 as compared to a profit attributable to the owners of the company from the continuing operations of approximately RMB 76.0 million for the last year. The board considers that the significant increase in the profit attributable to the owners of the company from continuing operations for the year was mainly attributable to the fact that the number of solar farms in China has been significantly increased to 87 as at 31 December 2016 from 41 as at 31 December 2015.