JinkoSolar records 13.5% in product shipments in 2Q 2014

JinkoSolar has recorded 13.5 percent increase in solar product shipments during the second quarter ended June 30, 2014.

Total revenues were RMB2.4 billion (US$392.1 million), representing an increase of 20.8 percent from the first quarter of 2014 and an increase of 37.8 percent from the second quarter of 2013.

The company has shipped 659.5 MW of its products, consisting of 570.8 MW of solar modules, 54.1 MW of silicon wafers and 34.6 MW of solar cells.

The company had shipped 581.2 MW in the first quarter of 2014 and 489.2 MW in the second quarter of 2013.

Kangping Chen, JinkoSolar  Chief Executive Officer

As of June 30, 2014, the Company has connected 252 MW of solar projects to the grid and expects to connect another 100 MW of solar projects during the third quarter.

Electricity revenues generated from solar projects were RMB61.0 million (US$9.8 million), representing an increase of 26.1 percent from the first quarter of 2014.

The company earned RMB251.6 million (US$40.6 million) in income from operations, compared with RMB203.5 million in the first quarter of 2014 and RMB155.8 million in the second quarter of 2013.

Kangping Chen, JinkoSolar’s chief executive officer, said the company has expanded its geographic reach, secured financial support from globally-respected financial institutions for its downstream business and solidified its position in important emerging markets like South Africa and Latin America where it had made strategic investments.

JinkoSolar continues to lead in China and remain confident that Chinese market will keep growing following the the National Energy Administration’s reiteration of strong support for the solar industry and solar power generation, and particularly distributed power generation.

Chinese government is also encouraging local governments to play a larger and more proactive role by offering more support and extra subsidies, the company said.

In the U.S, the company continues to grow with shipments for the quarter increasing 61.3 percent sequentially. While its presence remained stable in Europe, the company continued to expand in emerging markets like Chile and South Africa where they have become the market leader.

The Company had net exchange loss of RMB137.4 million in the first quarter of 2014 and net exchange loss ofRMB5.8 million in the second quarter of 2013.

For the third quarter of 2014, the Company estimates total solar module shipments to be in the range of 800 MW to 850 MW, which includes 650MW to 680MW module shipments to third parties and 150 MW to 170 MW for its own downstream projects.

For the full year 2014, the Company estimates total solar module shipments to be in the range of 2.9 GW and 3.2 GW, which includes 2.3GW to 2.5GW module shipments to third parties, and 600 MW to 650 MW for its own downstream projects. Full year project development scale is expected to be above 600 MW.

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