Concord New Energy Group (HKG:0182) expects to post a net profit attributable to equity holders of between 255 million yuan and 285 million yuan for the six months ended June 30, down from 501.4 million yuan a year prior, according to a July 18 Hong Kong bourse filing.

Shares of the company were down about 16% in Monday morning trade.

The expected profit decline was attributed to higher curtailment of wind and solar output in parts of mainland China and a fall in average electricity prices.

The company also cited a high base effect, with last year's result boosted by a one-off 90 million yuan tax reversal after regaining Hong Kong tax resident status.