June 28 (Renewables Now) - JinkoSolar Holding Co Ltd (NYSE:JKS) reported a first-quarter (Q1) 2019 net profit of CNY 40.2 million (USD 5.85m/EUR 5.1m) and improved profitability.
Module shipments reached 3,037 MW and are expected to increase further in the second quarter to about 3,200 MW-3,300 MW.
The solar manufacturer’s Q1 gross margin rose to 16.6% from 14.7% in the preceding quarter and 14.4% a year earlier. Quarter-on-quarter it grew due to a higher proportion of self-produced high-efficiency mono products and further reductions in production cost. Year-on-year the gross margin increased mainly because of lower solar module costs, but that effect was in part offset by a drop in the average selling price of solar modules.
The table contains more details on JinkoSolar’s performance in the period under review.
|Results in CNY||Q1 2019||Q4 2018||Q1 2018|
|Total revenues||5.82 billion||7.72 billion||4.57 billion|
|Gross margin (in %)||16.6||14.7||14.4|
|Net income attr. to ordinary shareholders||40.2 million||114.8 million||3.6 million|
|Non-GAAP net income attr. to ordinary shareholders||33.3 million||111.8 million||11.0 million|
JinkoSolar plans to reach a total annual production capacity of 15 GW for wafers, 10 GW for cells and 16 GW for modules by the end of the year. It expects full-year shipments of 14 GW-15 GW.
(CNY 10 = USD 1.46/EUR 1.28)