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Back You are here: Home Business Finance JinkoSolar reports $57 million loss for the first quarter of 2012

Finance

JinkoSolar reports $57 million loss for the first quarter of 2012

Economic uncertainty in Europe and a global oversupply of solar products led to a weak first quarter for Jiangxi-based JinkoSolar, which reported a net loss of 356.3 million yuan ($56.6 million).

The solar power products manufacturer saw an increase in shipments for the first quarter ended March 31, 2012 to 249 megawatts from 227 MW in the fourth quarter of 2011. But it still incurred an operations loss of 306 million yuan.

"We slightly missed guidance on module shipments as we adopted a conservative approach to the U.S. market, and our strategic decision to decrease inventory resulted in a shortage of products for the European market when European demand rebounded unexpectedly in the first quarter of 2012," said Kangping Chen, JinkoSolar's chief executive.

Mr. Chen said JinkoSolar will be focusing their upcoming activities into the new emerging markets of Eastern Europe, India and Japan, while increasing project development in its home country.

"We saw not only sustainable growth, but strong government support. We believe that we will sustain our expansion in China, build on our strong reputation in project development and develop strong relationships for future projects," he said.

In May this year, JinkoSolar was selected to supply 50 MW of solar products to state-owned renewable energy development company GSHHSD, for a project northwest of the country.

JinkoSolar was one of more than 50 Chinese solar companies named in an anti-dumping ruling by the United States Department of Commerce (see related story) . The company does not see the tariffs as making a big impact on its overall business, the U.S. currently accounting for only a small portion of its overall sales, it said in the press release.

Based on current operating and market conditions, JinkoSolar issued a second quarter guidance for solar module shipments of 200 MW to 240 MW. – EcoSeed Staff



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