JinkoSolar’s Q1 net profit soars 437% y/y

China-based JinkoSolar Holding Co Ltd (NYSE:JKS) on Thursday reported a first-quarter 2015 attributable net profit of CNY 51 million (USD 8.2m/EUR 7.5m), up from CNY 9.5 million a year earlier.

On a non-GAAP basis, the Chinese photovoltaic (PV) equipment maker and power producer booked a net profit of CNY 171.2 million, up from CNY 43.7 million in the same period of 2014.

JinkoSolar’s operating profit for the first three months of the current year grew to CNY 230 million from CNY 203.5 million a year back. Meanwhile, gross margin dropped to 20.3% from 24%, hurt by lower average selling prices (ASP).

Revenues in the first quarter of 2015 went up by 36.5% on the year to CNY 2.7 billion as external PV product shipments increased to 789.2 MW from 581.2 MW in 2014. In particular, they included 703.5 MW of solar modules, 53.3 MW of silicon wafers and 32.4 MW of PV cells.

Revenues generated by JinkoSolar’s PV farms amounted to CNY 102.1 million, up 111.1% year-on-year. JinkoSolar had 617 MW of grid-connected solar parks as of end-March.

Looking ahead, JinkoSolar expects to ship between 850 MW and 950 MW of PV modules in the April-June quarter, including 750 MW-800 MW to third parties. It reaffirmed its full-year shipment guidance for between 3.3 GW and 3.8 GW.

(CNY 1.0 = USD 0.161/EUR 0.147)

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