Trina Solar's H1 profit zooms 245.8% Y/Y

China’s Trina Solar Co Ltd (SHA:688599) saw its bottom line soar to CNY 493 million (USD 72.1m/EUR 60.9m) in the first half of 2020 after revenues improved on strong sales of solar products and systems.

The net profit attributable to shareholders of the listed company soared by 245.8% on the year, Trina Solar said on Friday.

The Chinese photovoltaic (PV) products maker closed the first six months of the year with total revenue of CNY 12.55 billion, recording a 16.6% year-on-year increase. Trina Solar shipped 5.84 GW of modules in the first half of 2020, up by 37% from a year back.

The good results were achieved in spite of the global economic downturn caused by the COVID-19 pandemic, pointed out chairman and CEO Jifan Gao. He added that the company plans to step up the rollout of advanced production capacity and the application of innovative technologies in its products with the goal of further lifting its profits.

During the January-June period, Trina Solar invested CNY 860 million in research and development (R&D) related to advanced technologies for high-efficiency cells, high-power modules and smart tracking mounts.

In terms of production capacity, the Chinese firm expects to be able to produce around 26 GW of PV cells annually by end-2021, of which large 210 mm cells will account for 70%. Total module production capacity, meanwhile, is anticipated to reach 22 GW by the end of this year and rise to 50 GW by end-2021.

(CNY 1.0 = USD 0.146/EUR 0.124)

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