Jinko enhanced earnings however take-home pay fell substantially yoy

• Chinese solar module maker Jinko Solar Holding Co. revealed its unaudited financial outcomes for the third quarter finished September 30, 2020.

Total profits were CNY 8.77 billion ($1.29 billion), a boost of 3.8 percent from CNY 8.45 billion in the second quarter of 2020 as well as a rise of 17.2 percent from CNY 7.48 billion in the third quarter of 2019. The consecutive increase was generally attributable to a boost in the delivery of solar modules partially offset by a decline in the typical asking price of solar modules, states the business. The year-over-year rise was generally attributable to the rise in shipment of solar modules.

Earnings attributable to the firm's ordinary investors was CNY 6.9 million ($1.0 million) in the third quarter of 2020, compared to CNY 318.0 million in the 2nd quarter of 2020 as well as CNY 363.6 million in the third quarter of 2019.

Total solar module deliveries in the third quarter of 2020 were 5,117 MW. As of September 30, 2020, the company's in-house annual mono wafer, solar cell as well as solar module manufacturing capacity was 20 GW, 11GW (10.2 GW for PERC cells as well as 800 MW for N kind cells) and also 25 GW, respectively.

For the 4th quarter of 2020, Jinko Solar expects total solar module shipments to be in the series of 5.5 GW to 6.0 GW. Total earnings for the fourth quarter is anticipated to be in the series of $1.31 billion to $1.43 billion. For full year 2020, the company approximates total solar module shipments to be in the variety of 18.5 GW to 19 GW.

Jinko Solar expects its yearly mono wafer, solar cell and solar module manufacturing capability to get to 20 GW, 11 GW (including 800 MW N-type cells) and also 30 GW, specifically, by the end of 2020.

Recent organization advancements consists of the finalizing of a contract with Shanghai Electric to provide roughly 1 GW of solar modules for Phase V of the Dubai Electricity as well as Water Authority Solar Park. Moreover, Jinko Solar introduced that it had supplied Trung Nam Group with 611 MW of Tiger bifacial transparent backsheet modules, which were installed at the Thuan Nam solar energy plant project in Vietnam. In October, Jinko Solar signed a module supply contract for the Kozani project in the north of Greece, which had actually been created by Juwi Hellas Renewable Energy Sources S.A.