JinkoSolar's attributable net profit drops 30% in Q3 2015

Solar panels. Featured Image: foxbat/Shutterstock.com

China’s JinkoSolar Holding Co Ltd (NYSE:JKS) said on Thursday its GAAP attributable net profit has decreased to CNY 195.1 million (USD 30.6m/EUR 28.6m) in the third quarter (Q3) of 2015 from CNY 280.6 million a year back.

On a non-GAAP basis, net profit attributable to ordinary shareholders fell to CNY 253.3 million from CNY 342 million a year earlier. The Q3 2015 results take into consideration an exchange loss of CNY 121.6 million, including change in fair value of forward contracts.

The table below gives more details about JinkoSolar’s Q3 2015 results.

Results in CNY	Q3 2015	Q3 2014
Total revenues	4.1 billion	2.6 billion
Gross margin	21.3%	20.6%
Operating profit	384 million	239.9 million
GAAP net profit	195.1 million	280.6 million
Non-GAAP net profit	253.3 million	342 million

Total revenue surged by 58.2% year-on-year as the company saw its total solar product shipments to third parties jump to 1,108 MW, including 1,064 MW of modules, from 708.2 MW in the third quarter of 2014, with just 658.1 MW of module deliveries. JinkoSolar had 3 GW of silicon wafer, 2.5 GW of solar cell and 4 GW of solar module production capacity at the end of September.

Revenue from downstream solar power projects rose by 205.8% to CNY 205.8 million. At end-September, the company had hooked 846 MW of solar power capacity to the grid, compared with 725 MW as of June 30, 2015.

(CNY 1.0 = USD 0.157/EUR 0.147)

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