JA Solar returns to profit in Q3 2014 as sales jump

Solar power plant. Author: Mountain/ \Ash. License: Creative Commons, Attribution 2.0 Generic

Nov 18, 2014 - Chinese solar products maker JA Solar Holdings (NASDAQ:JASO) said today it has turned to an attributable third-quarter net profit of CNY 153.2 million (USD 25m/EUR 20m) from a loss of CNY 273 million a year earlier.

The company attributed the good performance during the quarter to a 71.8% year-on-year jump in net revenue, driven by more than doubled module sales. JA Solar’s chairman and CEO, Baofang Jin, pointed out in a statement that the firm’s ongoing strategic shift from cells to modules has began to come to fruition.

Here is a table containing JA Solar’s financial results for the third quarter of 2014.

Results (in CNY)	Q3 2014	Q3 2013
Operating profit	189.6 million	-31.6 million
Gross margin	15%	11.3%
Net revenues	3 billion	1.76 billion
Total shipments (in MW)	785.4	500.2

Total third-quarter shipments include 693.5 MW of module deliveries, up by 127.4% year-on-year, and 91.9 MW related to cells, down 52.9%. The aggregate amount was above the high end of the previously announced forecast for between 730 MW and 760 MW. Most of the shipments, or 46.4%, went towards the Asia-Pacific region, excluding China which accounted for 34.8%. The company has also shipped 27.1 MW of panels to its in-house downstream projects.

JA Solar’s CEO also noted that the firm’s capacity is fully-booked for the final quarter of 2014. It expects 850 MW-900 MW of cell and module shipments for the fourth quarter and 3,100 MW-3,200 MW for the full year 2014.

(CNY 1.0 = USD 0.163/EUR 0.130)

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