JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the second quarter ended June 30, 2017. Total solar module shipments were 2,884 MW, an increase of 39.5 per cent from 2,068 MW in the first quarter of 2017 and an increase of 68.1 per cent from 1,716 MW in the second quarter of 2016. Total revenues were RMB 7.92 billion ($1.17 billion), an increase of 37.2 per cent from the first quarter of 2017 and an increase of 39.8 per cent from the second quarter of 2016.
Gross margin was 10.5 per cent, compared with 11.2 per cent in the first quarter of 2017 and 18.1 per cent in the second quarter of 2016. Income from operations was RMB 85.3 million ($12.6 million), compared with RMB 56.8 million in the first quarter of 2017 and RMB 308.8 million in the second quarter of 2016.
Net income attributable to the Company's ordinary shareholders from continuing operations was RMB 47.4 million ($7.0 million) in the second quarter of 2017, compared with RMB 60.6 million in the first quarter of 2017 and RMB 280.1 million in the second quarter of 2016. Diluted earnings per American depositary share (ADS) from continuing operations were RMB 1.48 ($0.20).
Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was RMB 61.2 million ($9.0 million), compared with RMB 80.4 million in the first quarter of 2017 and RMB 344.1 million in the second quarter of 2016. Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB 1.92 ($0.28) and RMB 1.88 ($0.28), respectively, in the second quarter of 2017.
Kangping Chen, Chief Executive Officer, JinkoSolar commented, "Second quarter module shipments once again hit a record high, increasing 39.5 per cent sequentially to 2,884MW. Total revenues hit $1.17 billion, an increase of 37.2 per cent sequentially while our gross margin dropped slightly to 10.5 per cent, from 11.2 per cent in the first quarter of 2017. Shipments over the past few quarters have surged to new highs, allowing us to continuously capitalise on the growing recognition of JinkoSolar's brand and excellent products and services to increase our market share.”
He added, “While ASPs declined during the quarter, prices along our supply chain remained relatively high and impacting our margins. Our efforts will also be focused on strengthening inventory management and controlling operating expenses. Demand in China was very strong and the long-term demand of Chinese market will be supported by the upwards revision of 5-year targets set by the NEA.”
Speaking about the global markets he said, “The Section 201 petition in the US continues to create market uncertainties. We remain committed to the US market and believe its long-term growth momentum will not change. Demand in emerging markets continued to grow, accounting for a larger portion of our shipments during the quarter. India's 100 GW target by 2022 is solid and will continue to create strong demand going forward. The solar markets of Mexico, Argentina and Brazil in Latin America are rapidly growing in scale while Egypt and Jordan in Middle East have the potential to become GW level markets next year. We expect demand in emerging markets to continue to grow in 2018.”
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