JinkoSolar reported RMB5.12 billion (US$737.6 million) in revenues for the fourth quarter of 2016, a decrease of 3.9 percent from the third quarter of 2016 and a decrease of 13.7 percent from the fourth quarter of 2015.
Total solar module shipments were 1,733 MW, an increase of 7.9 percent from 1,606 MW in the third quarter of 2016 and an increase of 1.3 percent from 1,710 MW in the fourth quarter of 2015.
Total revenues were RMB5.12 billion (US$737.6 million), a decrease of 3.9 percent from the third quarter of 2016 and a decrease of 13.7 percent from the fourth quarter of 2015.
Total revenues including electricity revenue from discontinued operations were RMB5.23 billion (US$753.0 million), a decrease of 8.3 percent from the third quarter of 2016 and a decrease of 13.9 percent from the fourth quarter of 2015.
In November 2016, the Company completed sale of JinkoSolar Power Engineering Group downstream business in China to Shangrao Kangsheng Technology.
The Company recognized the gain on disposal of discontinued operations of RMB1.01 billion (US$145.2 million) reported in the discontinued operations, and received cash of RMB1.73 billion (US$250.0 million) in the fourth quarter of 2016.
The transaction between the related parties mainly includes the modules sales and financing obligation guarantee.
For the full year 2015, JinkoSolar shipped 6,656 MW, an increase of 47.5 percent from 4,512 MW.
Total revenues for the full year 2016 were RMB21.40 billion (US$3.08 billion), an increase of 38.5 percent from RMB15.45 billion for the full year 2015.
Total revenues including electricity revenue from discontinued operations were RMB22.35 billion (US$3.22 billion), an increase of 39.0 percent from RMB16.08 billion for the full year 2015.
Income from operations was RMB1.35 billion (US$194.3 million), compared with RMB1.12 billion in the full year 2015.
Kangping Chen, JinkoSolar’s chief executive officer said, “I am pleased to announce a strong quarter to finish out the year with module shipments hitting 1,733 MW and 6,656 MW in the fourth quarter and full year 2016, respectively. I am proud to say that this puts us firmly in the position as the largest module supplier globally.”
“China remains our largest market where we expect growth momentum to continue during the first half of 2017 as rush orders come in before the FiT cut in June 2017. Demand during the second half of 2017 may soften, but distributed generation and Top Runner projects are expected to make up for the demand. After a sharp decline during the quarter, ASPs in the US have begun to stabilize. While uncertainties remain, we believe that the growth trajectory of the US market won’t deviate significantly, especially with ITC still valid,” he said.
“India, with its abundant sunlight and increasing demand for power, has created ideal market conditions for rapid growth. We are very optimistic about our potential in this market and have been rapidly expanding our team there. We will also reinforce our leading position in Latin America and the Middle East, two markets that remain full of opportunities,” Chen added.
“We remain focused on high-efficiency technologies and stringent quality controls. Demand for our PERC products continues to be strong and as a result, we have been adjusting our production capacity to accommodate this market trend since the first half of 2016.”