Jolywood to look to tiny loss in Q1 from influence of COVID-19
- China-based PV backsheet and also high-efficiency PV supplier Jolywood (Suzhou) Sunwatt Carbon monoxide anticipates to report a tiny loss in the very first quarter of 2020 as a result of the effect of COVID-19 on its products as well as solar module production procedures.
Jolywood stated that it anticipated to report a loss in the variety of RMB 17 million to RMB 22 million (US$ 2.4 million to US$ 3.1 million) in Q1. The business had actually reported a US$ 3.93 million internet earnings in the very first quarter of 2019. Jolywood is anticipated to report 2019 as well as Q1 2020 financials prior to completion of April.
The firm pointed out numerous COVID-19 problems that pertaining to the anticipated losses for the reporting quarter, that included hold-ups in rebooting manufacturing because of problems of staff members going back to function as well as well as logistics as well as transport limitations.
Jolywood additionally kept in mind that supply chain concerns, specifying that some complementary as well as raw products had actually remained in short supply, triggering a suspension of operate at times in addition to enhanced production prices.
At its PV module production subsidiary, Jolywood (Taizhou) Solar Technology Carbon monoxide, the business kept in mind that after a current capability development stage, sales quantity was affected by COVID-19, minimizing earnings as well as including prices, likewise added to the anticipated losses in Q1.
