Aug 30, 2013 - Chinese photovoltaics (PV) maker Yingli Green Energy Holding Co Ltd (NYSE:YGE) today said it had cut its net loss to CNY 320.8 million (USD 52.4m/EUR 40m) in the second quarter of 2013.
A year ago, the company’s loss stood at CNY 573 million, while in the first quarter of 2013 it amounted to CNY 611.8 million. “We are pleased to announce another better than expected quarter in terms of market share and profitability, mainly driven by the continuous fundamental improvements of solar market conditions,” said chairman and CEO Liansheng Miao.
Operating loss more than halved to CNY 129.2 million from CNY 326.7 million a year earlier. Gross margin also improved to 11.8% from 4.6% a year ago and from 4.1% in the preceding quarter of 2013. The sequential growth was due to continuously climbing selling prices and declining manufacturing costs, Yingli said.
The company’s April-June revenues rose by 26.1% year-on-year to CNY 3.38 billion. Demand from China and the US was high, while revenues from Europe exceeded expectations even amid the policy uncertainty. In quarter-on-quarter terms revenue gained 23.6% as a result of increased shipments and the slightly higher selling prices of PV modules.
Yingli Green saw its second-quarter shipments go up by 23.6% on the quarter, mainly due to the peak season in China and the US and increased construction of utility-scale solar parks. The company confirmed its full-year shipments guidance for 3.2 GW-3.3 GW.
Recently, NPD Solarbuzz said is a report that Yingli is “rapidly approaching” a worldwide market share of 10%. It is already the number-one company in terms of shipments. PV module shipments globally jumped 21% year-on-year in the second quarter to 5.8 GW, including some 800 MW for Yingli, NPD Solarbuzz calculates.