Yingli Green Energy Holding Co. Ltd. (YGE), a solar energy company and manufacturer of photovoltaic products, Monday reported a loss for the fourth quarter compared to a profit last year. The loss reflected primarily a non-cash asset impairment charge and a non-cash bad debt expense. Adjusted earnings increased from last year, as revenues grew over 43% from last year. Meanwhile, shares of the company fell by more than 6% in morning trade.
Net loss for the quarter was RMB 44.84 million or RMB 0.3 per share compared to a profit of RMB 82.04 million or RMB 0.64 per share last year. In dollar terms, loss per share was $0.04.
Excluding special items, net income was RMB 137.54 million compared to RMB 111.39 million in the prior year. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 0.89 compared to RMB 0.86 in the year ago period. In dollar terms, adjusted earnings per share was US$0.13.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of US$0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the quarter were RMB 2.53 billion or US$370.8 million, an increase of 43.7% from RMB 1.76 billion in the fourth quarter of 2008. Revenues beat market expectation of US$326.46 million.
Total revenue from sales of PV modules grew to RMB 2.49 billion from RMB 1.72 billion last year, while revenue from sales of PV systems dropped to RMB 16.08 million from RMB 19.94 million. Other revenues edged up to RMB 25.47 million from RMB 25.08 million.
Operating expenses in the fourth quarter were RMB 639.30 million compared to RMB 162.80 million last year. The significant increase was primarily attributable to a non-cash impairment of intangible assets relating to long-term supply agreements of RMB 131.2 million and a non-cash bad debt expense of RMB 184.3 million related to settlements with two particular customers in the quarter.
Operating margin was 4.4% in the quarter compared to 5.6% in the fourth quarter of 2008.
Liansheng Miao, chairman and chief executive officer said, "Our PV module shipments for the fourth quarter increased by 15.7% over the previous quarter, and the fourth quarter gross margin continued to improve, reaching 29.6%, reflecting our continued efforts to balance profitability and market share expansion."
For the full year, net loss attributable to the company was RMB 459.24 million or RMB 3.31 per share compared to a profit of RMB 653.83 million or RMB 5.05 per share last year. In dollar terms, loss per share was US$0.48.
Adjusted net income for the year was RMB 364.46 million or RMB 2.53 per share compared to RMB 764.84 million or RMB 5.91 per share a year ago. In dollar terms, adjusted earnings was US$0.37 per share for fiscal 2009.
Net revenue for the year was down to RMB 7.25 billion from RMB 7.55 billion in the previous year. In dollar terms, revenue was US$1.06 billion for the year.
Street expectation was for US$0.26 loss per share on revenues of US$1.01 billion for the year.
Looking ahead to 2010, the company expects its PV module shipment target to be in the estimated range of 950 MW to 1 GW, which represents an increase of 80.8% to 90.4% compared to fiscal 2009.
YGE shares are currently trading at $12.04, down $0.84 or 6.52% on the NYSE.
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