Jinko blog posts $47m, second-quarter profit

Sep 23, 2020 02:29 PM ET
  • The Chinese solar manufacturer delivered 4.46 GW of modules for turnover of $1.2 billion from April to June and expects to relocate 20 GW of panels this year.
Jinko blog posts $47m, second-quarter profit
Image: JinkoSolar

Shanghai-based solar maker JinkoSolar has actually reported strong financials for the 2nd quarter, despite the Covid-19 situation.

The business shipped 4,469 MW of panels for earnings of RMB8.45 billion ($ 1.24 billion) throughout the period, compared to 3,411 MW and also RMB6.91 billion a year previously.

Gross margin for the quarter was 17.9%, up from 16.5% in April to June last year. "The year-over-year boost was primarily attributable to a rise in self-produced production volume by [an] enhancing change towards integrated, mono-based, high-efficiency-products capability, and also the ongoing reduction of incorporated manufacturing expenses resulting from the firm's industry-leading incorporated cost structure," said Jinko.

Second-quarter operating profit was RMB435 million for internet profit of RMB318 million ($ 47 million), representing a substantial renovation from RMB260 million and also RMB125 million, respectively, in the 2nd quarter of last year.

" As economic climates have actually started to rebound in many markets, our team believe global demand will eventually accelerate and we are well positioned to gain from the energy," stated the panel maker. "Earlier this year, the scarcity of supply in the Chinese market drove up costs along the supply chain yet costs have actually maintained since then as well as we expect solid market demand to continue until completion of the year."

Jinko stated solar module need dipped throughout the 2nd quarter, due the financial stagnation caused by the Covid-19 pandemic, but included, large integrated manufacturers with huge manufacturing abilities and also framework-- like itself-- were able to get market share whilst being much more resistant to panel rate variations. "Overall, the combined delivery quantities of the leading five solar module suppliers are expected to make up 65% to 70% of the market for the year," the supplier added.

The business expects to ship 5-5.3 GW of modules in the present quarter for a full-year overall of 18-20 GW.

At the end of June, the business had yearly wafer, cell and PV module production capabilities of 20 GW, 11 GW and also 25 GW, specifically.

Source:
pv-magazine.com

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