JinkoSolar net profit leaps to USD 40m in Q3 2010

(ADPnews) - Nov 2, 2010 - Chinese JinkoSolar Holding Co Ltd (NYSE:JKS) today reported a surge in third-quarter net profit to CNY 259.5 million (USD 38.9m/EUR 27.8m) from CNY 13.9 million a year ago with better-than-expected revenue and shipments.

The revenue of the solar products maker surged 260.5% on the year to CNY 1.4 billion, topping the company's projections, on the back of solid growth in sales volume and increased average selling prices of its solar modules.

Solar product shipments grew to 134.8 MW, rising 110.6% on the year, and were above the expected 100-110 MW, with silicon wafers accounting for 33.7 MW, solar cells for 8.6 MW and 92.5 MW of solar modules.

JinkoSolar expects to post fourth-quarter revenue of USD 210 million-220 million on shipments of 130-140 MW, including module shipments of 100-110 MW.

The company now guides for a full-year revenue of USD 638 million-648 million, compared with the previously seen USD 500 million-525 million. Product shipments are seen at 448-458 MW, including module shipments of 257-267 MW, compared with 395-415 MW and 195-205 MW, respectively, expected earlier.

JinkoSolar also boosted its production capacity to 600 MW silicon wafers, 300 MW solar cells and 450 MW solar modules annually from 400 MW, 300 MW and 300 MW, respectively, in the previous quarter. It aims to raise the output capacity to 600 MW for each product by the end of the year, compared with the previously planned 500 MW each.

(CNY 1.0 = USD 0.150/EUR 0.107)

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