Yingli Green posts loss for Q3 2011, trims 2011 shipment projections
Nov 23, 2011 - Chinese solar energy firm Yingli Green Energy Holding Co Ltd (NYSE:YGE) swung to a third-quarter net loss of CNY 180.5 million (USD 28.4m/EUR 21.2m) from a CNY-456.1-million profit a year ago, and cut its 2011 shipment guidance.
The company now expects photovoltaic (PV) module shipments for the full year of 1,580 MW to 1,630 MW, down from 1,700 MW-1,750 MW in an earlier forecast. The projected amount is 48.8%-53.5% higher than 2010 PV module shipments.
Adjusted net profit for the reporting period dropped to CNY 142.7 million from CNY 556.6 million. Yingli said that its results included CNY 153.2 million in foreign currency exchange loss, compared to a gain of CNY 52.3 million a year before.
Gross margin plunged to 10.8% from 33.3% a year earlier and 22.1% in the second quarter of 2011. The sharp decline was due to falling average selling prices and a CNY-258.6-million non-cash inventory provision, in part offset by lower production costs.
Third-quarter revenue grew to CNY 4.26 billion from CNY 3.28 billion a year back, while shipments were up 21.9% quarter-on-quarter.
At the end of September, Yingli had cash and restricted cash of CNY 5.93 billion.