Nov 12, 2013 - Chinese firm Yingli Green Energy Holding Co Ltd (NYSE:YGE) on Tuesday posted a third-quarter 2013 net loss of CNY 235.6 million (USD 38.7m/EUR 29m), narrowing from CNY 959.2 million a year ago and from CNY 320.8 million in the preceding quarter.
The photovoltaic (PV) modules maker said its profitability had been positively impacted by improving average selling prices (ASP), lower manufacturing costs and record shipments. Non-GAAP net loss amounted to CNY 226.6 million, compared to CNY 398.3 million in July-September 2012 and to CNY 321.5 million April-June 2013.
Gross margin for the period improved to 13.7% from a negative 22.7% a year before. The result surpassed the previous forecast for 11%-13%.
Yingli Green saw its net revenue jump to CNY 3.65 billion from CNY 2.24 billion a year back and CNY 3.38 billion a quarter back. Module shipments improved by 5.1% quarter-on-quarter reaching “another historical high”, the company said. This was due to continued rapid expansion in demand from China, the US and Japan as well as certain emerging markets, chairman and CEO Liansheng Miao said.
More specifically, the solar power company saw shipments to China and the Americas for the first time account for over 50% of total shipments. The share of the Chinese market was 38% as project developers are speeding up construction of utility-scale solar parks due to planned cuts to feed-in tariffs. Shipments to the US, as a percentage, surpassed sales in Europe as solar power is reaching grid parity in more and more US states and also following a surge in demand from the distributed generation segment. Yingli Green’s shipments to Japan rose by 35% on the previous quarter on the back of strong demand.
The company kept its projections for 2013 shipments of 3.2 GW-3.3 GW or an year-on-year jump of between 39.4% and 43.7%.