JA Solar's Q2 profits grow 21%

Chinese PV cell and module maker JA Solar Holdings Co Ltd (NASDAQ:JASO) today reported attributable net profit of CNY 163.7 million (USD 24.5m/EUR 22.3m) for the second quarter (Q2) of 2016 on revenues of CNY 4.1 billion.

Net profit grew by roughly 21% year-on-year and revenues were up by 51.9%.

JA Solar’s gross margin declined to 15.3%, when compared to 16.4% in Q2 2015 and 16.6% in Q1 2016. The figures are unaudited.

The company’s external shipments grew by 55.5% on the year to 1,229.3 MW, with China accounting for 63.9% of the total. JA Solar is now preparing for a slower second half of the year on the domestic market, by controlling capital expenditures and staffing, and focusing its selling efforts on “more robust markets” overseas.

Total Q2 shipments, including to own solar power projects, stood at 1,380.8 MW thus nearing the low end of the previously announced guidance range of 1,400 MW to 1,500 MW. Modules and module tolling made up 1,134.2 MW of shipments.

For the third quarter of 2016, JA Solar guided for total cell and module shipments of 1,200 MW-1,300 MW. It also confirmed its full-year shipment guidance of 5.2 GW to 5.5 GW, including 250 to 300 MW of modules for own downstream projects.

(CNY 10 = USD 1.499/EUR 1.363)

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