Hanergy to cut over 1/3 of its workforce as profits turn to loss

Solar panel equipment maker Hanergy Thin Film Power Group will cut 2,000 out of almost 5,500 employees as part of its shift toward consumer and industrial products, The Wall Street Journal reported, citing a statement to the Hong Kong Stock Exchange. The company, which sells manufacturing equipment mostly to its privately held Beijing-based parent Hanergy Holding Group, said it swung to a net loss of HKD59.3 million (US$7.7 million) in the six months ended in June, compared with a net profit HK$1.68 billion in the same period last year. It said revenue in the same period fell 34% to HKD2.12 billion due to cancelled supply agreement with its parent.