JinkoSolar turns to Q2 loss despite growth in shipments, revenues
The N-type Topcon Tiger Neo module. Source: JinkoSolar.
August 29 (Renewables Now) - Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) has swung to a second-quarter net attributable loss of CNY 623.3 million (USD 90.1m/EUR 90.5m), regardless of the solid increase in shipments and revenues.
Adjusted to exclude the impact of a change in the fair value of the company’s convertible senior notes and share-based compensations expenses, JinkoSolar’s net income totalled CNY 368.4 million, growing from CNY 328.4 million in the preceding quarter and from CNY 264.1 million a year earlier.
In the three months ended June, the Chinese firm shipped 10,532 MW, including 10,183 MW of solar modules and 349 MW of cells and wafers. It enjoyed strong demand in European markets and a rising share of Chinese shipments, which boosted global shipments by 102.4% in annual terms. As a result, revenues surged 137.6% year-on-year.
"We had a good quarter despite difficult market conditions. As polysilicon prices continued to rise, we actively worked to control internal costs through technical advancement and process improvement, partially offsetting the impact of higher upstream costs,” said CEO and chairman Xiande Li.
Amounts in CNY, unless otherwise noted
Income (loss) from operations
Net profit (loss) attributable to ordinary shareholders
At the end of June, JinkoSolar had an annual production capacity for mono wafers, solar cells and modules of 43 GW, 42 GW and 50 GW, respectively. Following expansions, these capacities are planned to reach 60 GW, 55 GW and 65 GW by end-2022.
Looking ahead, the Chinese firm expects to ship between 9 GW and 10 GW of solar products in the third quarter, while full-year shipments are forecast to be within the 35 GW-40 GW range.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.