Sep 19 (Renewables Now) - Yingli Green Energy Holding (NYSE:YGE) today reported a net loss for the second quarter of 2017 against a profit a year ago despite a surge in shipments to a record high of 1,146.6 MW.
The Chinese solar photovoltaic (PV) products manufacturer recorded a net loss of CNY 297.6 million (USD 45.2m/EUR 37.7m), versus a CNY-71.8-million net profit in the same period of 2016.
PV module shipments jumped from 662 MW in the second quarter of 2016 and 370.9 MW in the first quarter of 2017 due to strong demand in China ahead of the expected feed-in-tariff (FiT) reduction on June 30, 2017. Chinese shipments were up to 992 MW from 243 MW in the preceding quarter and represented 86.5% of the total volume shipped. The company expects shipments to be between 550 MW and 600 MW in the third quarter and raised its full-year guidance to 2.5 GW-2.8 GW from 2.1 GW-2.2 GW.
|Figures (in CNY)||Q2 2017||Q1 2017||Q2 2016|
|Gross margin (%)||1.7%||5%||18.2%|
|Operating profit (loss)||(180.8m)||(103.5m)||158.3m|
|Net profit (loss)||(297.6m)||(184.4m)||71.8m|
|Adjusted non-GAAP net profit (loss)||(322.8m)||(191.9m)||106.8m|
Yingli saw its gross margin slump to 1.7% from 18.2% a year ago and 5% in the previous quarter, which was attributed to a fall in the average selling price of its modules, reflecting declining prices on the global market, as well as lower shipments to Japan where prices were generally higher. The company also made additional inventory provisions due to the continued price declines.
(CNY 1 = USD 0.152/EUR 0.127)