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JinkoSolar Q3 Attributable Profit Plunges, Revenues Climb - Quick Facts

JinkoSolar Holding Co., Ltd. (JKS), a solar PV company, reported Thursday that its third-quarter net income attributable to shareholders from continuing operations was RMB11.3 million or $1.7 million, compared to RMB233.7 million last year.

Earnings per ordinary share from continuing operations were RMB0.08 or $0.01. Earnings per ADS from continuing operations were RMB0.32 or $0.04.

Adjusted net income was RMB25.9 million or $3.9 million, compared to RMB271.4 million in the third quarter of 2016.

Adjusted earnings per share from continuing operations were RMB0.19 or $0.03 and adjusted earnings per ADS from continuing operations were RMB0.76 or S$0.12.

Gross margin was 12.0%, down from last year's 19.2%.

Total revenues were RMB6.42 billion or $964.8 million, an increase of 20.4% from RMB5.33 billion in the third quarter of 2016.

The year-over-year increase was mainly attributable to an increase in solar module shipments which was partially offset by a decline in average selling price of solar modules.

Total solar module shipments were 2,374 megawatts or MW, an increase of 47.8% from 1,606 MW in the prior year.

Kangping Chen, JinkoSolar's Chief Executive Officer, said, "Demand in China remained strong during the quarter as the distributed generation ("DG") market there grows rapidly.....I remain confident in the long-term sustainability of our business as we continue to devote resources towards developing new technologies and supporting the expansion of our market share in exciting and rapidly growing markets."

Looking ahead, for the fourth quarter of 2017, the company estimates total solar module shipments to be in the range of 2.3 GW to 2.5 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 9.6 GW and 9.8 GW.

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