JinkoSolar’s Q2 2014 net profit almost triples to USD 22.5m

Aug 18, 2014 - China-based JinkoSolar Holding Co Ltd (NYSE:JKS) reported on Monday a 182% year-on-year jump in second-quarter net profit to CNY 138.2 million (USD 22.5m/EUR 16.8m) and unveiled plans to build over 600 MW of solar parks in 2014.

The company’s diluted earnings per American depositary share (ADS) in April-June came at CNY 4.04, rising from CNY 2.20 in the year-ago period. On a non-GAAP basis, JinkoSolar’s bottom line was CNY 173 million, or CNY 4.88 per diluted ADS share.

Operating profit in the three months improved to CNY 251.6 million from CNY 155.8 million a year before. Operating margin increased to 10.3% from 8.8%.

The Chinese firm posted second-quarter revenues of CNY 2.4 billion, marking a 37.8% increase in annual terms. The company shipments of solar equipment increased 13.5% to 659.5 MW in the period under review, including 570.8 MW of PV modules, 54.1 MW of silicon wafers and 34.6 MW of solar cells.

Revenues generated by JinkoSolar’s PV farms came in at CNY 61 million in the second quarter. By the end of June, JinkoSolar had tied to the grid 252 MW of solar plants.

Looking ahead, JinkoSolar revised its full-year shipments forecast to 2.9 GW-3.2 GW from 2.3 GW-2.5 GW projected earlier. Solar capacity additions this year are seen at between 400 MW and 600 MW.

(CNY 1.0 = USD 0.163/EUR 0.122)

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