logo
Plus   Neg
Share
Email

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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT