China Solar Energy warns of loss

No thanks to impairment loss.

Based on a preliminary review on the management accounts of China Solar Energy Holdings Limited and its subsidiaries, the board of directors of the company announced that it is expected that the Group will record a substantial loss for the six months ended 30 September 2012 as compared to a loss for the six months ended 30 September 2011.

The forecast substantial loss, based on the information currently available, is mainly attributable to the impairment loss to be recognised in respect of the goodwill arising from the acquisition of the subsidiaries and the intangible assets, which represented certain technologies and intellectual property rights related to the photovoltaic business, and the share based payment expenses in respect of the share options granted.

The Group is in the process of finalising its interim results.