JinkoSolar cements recovery in Q3
China’s JinkoSolar turned in its second profitable quarter in a row and said it will be in the black for 2013 as a whole, as the company justified its status one of the leaders of the PV pack.
Jinko – which sounded a welcome optimistic note for the PV industry when it returned to profit in the second quarter – today posted a Q3 net surplus of 103.5m yuan ($16.9m).
That widened the 49m yuan profit recorded in August, and stands in stark contrast to the 115m yuan loss it made at the same stage last year.
Jinko also improved its gross margin to 22.3% in the July-September period, from 17.7% in Q2 and 5.8% in last year’s equivalent.
The company’s total shipments were 519MW megawatts – 489.3MW of that made up of modules – a 6.1% increase on Q2.
Forecast full-year 2013 module shipments were revised upwards to 1.7GW to 1.8GW, compared to the previous guidance of 1.5GW to 1.7GW.
JinkoSolar CEO Kangping Chen said: "We have picked up considerable momentum from the strategic investments we made during the downturn.
“During that time, we successfully penetrated new markets, broadened our geographic reach, and expanded our downstream business, which has already resulted in net profitability for the entire year, a goal we initially set for ourselves to complete by the end of 2013.”