Jinko increased revenue and net income significantly year-over-year

Chinese module manufacturer Jinko Solar Holding Co., Ltd achieved total revenues in the third quarter of 2018 of CNY 6.69 billion ($974.8 million), an increase of 10.5 percent from CNY 6.06 billion ($872 million), in the second quarter of 2018 and an increase of 4.3 percent from CNY 6.42 billion ($923 million) in the third quarter of 2017. According to the company, the sequential increase was mainly attributable to an increase in the shipment of solar modules in the third quarter of 2018. The year-over-year increase was mainly attributable to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules in the third quarter of 2018.
Gross profit in the third quarter of 2018 was CNY 997.6 million ($145.3 million), compared with CNY 727.6 million in the second quarter of 2018 and CNY 772.4 million ($111 million) in the third quarter of 2017.
Income from operations in the third quarter of 2018 was CNY 188.0 million ($27.4 million), compared with CNY 94.6 million in the second quarter of 2018 and CNY 91.9 million ($13 million) in the third quarter of 2017. Net income attributable to the company's ordinary shareholders was CNY 189.1 million ($27.5 million) in the third quarter of 2018, compared with CNY 99.0 million in the second quarter of 2018 and CNY 11.3 million ($2 million) in the third quarter of 2017.
As of September 30, 2018, the company had CNY 3.03 billion ($441.6 million) in cash and cash equivalents and restricted cash, compared with CNY 2.56 billion ($368 million) as of June 30, 2018.
Total solar module shipments in the third quarter of 2018 were 2,953 MW, an increase of 5.7 percent sequentially and 24.4 percent year-over-year In-house annual silicon wafer, solar cell and solar module production capacity was 9.2 GW, 6.5 GW and 10.0 GW, respectively.
For the fourth quarter of 2018, the company estimates total solar module shipments to be in the range of 3.7 GW to 4.0 GW. For the full year 2018, the company estimates total solar module shipments to be in the range of 11.5 GW to 11.8 GW.
»Despite the impacts of May 31 polices, China installed 34.5 GW by the end of September which has already exceeded many analysts' expectations for the entire year,« says Kangping Chen, Jinko Solar's Chief Executive Officer. »We are confident that Chinese and global demand next year will recover as the cost of solar energy becomes more competitive. This trend is irreversible.«
© PHOTON

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