JA Solar sees Q1 profit of up to USD 42.5m

The COVID-19 pandemic will take a toll on JA Solar Technology Co Ltd’s (SHE:002459) first-quarter 2020 performance, the solar product maker said today and guided for a net profit of up to CNY 300 million (USD 42.5m/EUR 38.8m).

The coronavirus outbreak and the strict lockdown measures to limit its spread have caused an extension of the company’s production and logistics cycles, it explained in a bourse filing.

The photovoltaic (PV) product maker expects to record a first-quarter 2020 net profit attributable to shareholders of between CNY 250 million and CNY 300 million, against CNY 555 million in the last quarter of 2019. Apart from the COVID-19 effects, the January-March profits will be lower due to the generally slow demand on the domestic market due to the Chinese New Year holidays.

JA Solar noted that its management had made “coordinated efforts” to limit the impact of the pandemic and other issues on business development in the first quarter.

(CNY 1.0 = USD 0.142/EUR 0.129)

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