Renesola reported decreasing revenues and income in Q3 yoy
Post date: 19/11/2018 - 20:31
Chinese solar project developer Renesola Ltd achieved revenue of $18.8 million in the third quarter 2018, toward the high end of the guidance range of $15 to $20 million, compared to $27.8 million in Q2 2018 and $36.3 million in Q3 2017. This includes revenue of $5.5 million from the Project Development business, due mainly to sales of 13.9 MW of community solar projects in Minnesota, United States and 6.7 MW of projects in France, furthermore revenue from the EPC business of $3.3 million due to EPC services for 3.7 MW of distributed generation projects in China, and revenue from the sale of electricity of $10.0 million. The company generated 66.1 Million kWh of electricity from its operating DG projects in China.
Gross profit was $8.6 million, compared to a gross profit of $8.2 million in Q2 2018 and $6.4 million in Q3 2017. Net income from continuing operations was $3.6 million, compared to $0.4 million in Q2 2018 and $4.0 million in Q3 2017.
Renesola currently owns 232 MW of operating rooftop projects, which are concentrated in a handful of eastern provinces in China. As of September 30, 2018, the company had approximately 132 MW of projects under construction.