Renesola's revenue fell significantly in Q3 yoy

Chinese solar project developer Renesola Ltd reported revenue of $9.7 million for the third quarter of 2020, which was down significantly compared to $66 million in the same period of 2019. According to the company, the decrease in revenue by 85 percent »reflected mostly the sale of electricity from the company’s operating assets.« Gross profit decreased by 64 percent from $16.2 million in Q3 2019 to $5.9 million in the reporting period.
Third quarter 2020 operating income was $2.9 million, compared to $4.6 million in the second quarter of 2020 and $7.4 million in the third quarter of 2019. Net income was $2.1million, compared to $3.1 million in the second quarter of 2020 and $2.4 million in the third quarter of 2019.
For the fourth quarter of 2020, the Company expects revenue in the range of $23 to $25 million, reflecting more project sales and sequentially declining electricity sales due to normal seasonality. »Our strategic focus on the U.S. and Europe positions us as a global leader in project development and will produce positive results,« expects the company.
© PHOTON

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