China Solar Energy posted a net loss of HK$137 million for the year to March, compared with a loss of HK$247 million the year earlier, according to its annual report. The company has not reported a net profit since at least 2004, according to data compiled by Bloomberg.
The company’s administrative costs doubled to HK$102.3 million in the 12 months to March from HK$49.6 million the year earlier, mainly due to an increase in consultancy fees, according to a statement dated Aug. 7.
China Solar Energy hired 22 consultants during the period, including Pierre Seligman, who resigned as managing director of the company in January. Seligman quit as executive director of Viagold Capital Ltd on Oct. 7, according to a statement to the Australian stock exchange.