JinkoSolar's principal unit expects some USD 3.6bn in 9-mo revenues

Source: Shanghai Stock Exchange

September 27 (Renewables Now) - Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) on Friday said its principal operating subsidiary, Jinko Solar Co Ltd, is expected to record revenues in the range of CNY 23.6 billion (USD 3.65bn/EUR 3.11bn) to CNY 23.8 billion for the first nine months of 2021.

The subsidiary, also referred to as Jiangxi Jinko, is set to book a net attributable profit of between CNY 625 million and CNY 655 million. Excluding one-off gains and losses, the result will likely be between CNY 230 million and CNY 260 million.

The estimates are in accordance with the Accounting Standards for Business Enterprises (PRC GAAP). They are being released as JinkoSolar is preparing for an initial public offering (IPO) of Jiangxi Jinko on the Shanghai Stock Exchange's Sci-Tech innovation board. The company submitted an IPO application in June. Jiangxi Jinko intends to use the IPO proceeds to support the construction of production lines in Haining for 7.5 GW of cells and 5 GW of modules, as well as of an R&D centre there.

JinkoSolar, which currently holds roughly 73.28% in Jiangxi Jinko, recently reported net attributable profit for the first half of 2021 of CNY 287.3 million, down from CNY 600.5 million a year ago. Revenues declined to CNY 15.87 billion from CNY 16.93 billion.

JinkoSolar's consolidated financial results are in accordance with accounting principles generally accepted in the US.

(CNY 1 = USD 0.155/EUR 0.132)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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