Chinese JA Solar lifts net profit to USD 77m in Q3 2010

(ADPnews) - Nov 11, 2010 - Chinese photovoltaic (PV) equipment maker JA Solar Holdings Co (FRA:YI2) on Tuesday reported a net profit of CNY 514 million (USD 77m/EUR 56m) for the third quarter of 2010, soaring from a profit of CNY 81 million a year earlier.

The company's gross profit for the three-month period, ended September 30, 2010, came in at CNY 815 million, up from CNY 220 million booked a year earlier. The quarterly performance was mainly improved due to robust demand and increased orders, Peng Fang, CEO of JA Solar, commented.

From July to September 2010, JA Solar shipped 418 MW of its solar products, an increase of 136% on the year. The revenues nearly tripled to CNY 3.6 billion from the CNY 1.3 billion registered in the same quarter of 2009.

JA Solar's gross margin in the period was 22.5%, exceeding its guidance of 20%. Compared with the second-quarter gross margin of 23.1%, the decrease in the gross margin was primarily attributed to an increase in wafer costs, which was partially offset by a rise in the average selling price and a change in the product mix.

Taking into consideration the solid demand for its products, JA Solar has lifted its outlook for the full 2010. At present, the PV systems maker anticipates shipments to exceed 1.45 GW in 2010, compared with the prior guidance of 1.35 GW.

(CNY 1.0 = USD 0.151/EUR 0.109)

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