JinkoSolar revenue rose 4.3 percent year on year and 10.5 percent quarter on quarter to RMB6.69 billion or $974.8 million in the third quarter of 2018.
The sequential increase was mainly due to an increase in the shipment of solar modules. The year-over-year increase was due to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules in the third quarter of 2018.
JinkoSolar reported gross profit of RMB997.6 million or $145.3 million against RMB727.6 million in the second quarter of 2018 and RMB772.4 million in the third quarter of 2017.
Gross margin was 14.9 percent in the third quarter of 2018, compared with 12 percent in the second quarter of 2018 and in the third quarter of 2017.
Income from operations was RMB188.0 million or $27.4 million, compared with RMB94.6 million in the second quarter of 2018 and RMB91.9 million in the third quarter of 2017.
JinkoSolar’ operating expenses were RMB809.6 million or $117.9 million, an increase of 27.9 percent from RMB633.0 million in the second quarter of 2018 and an increase of 19 percent from RMB680.5 million in the third quarter of 2017.
Total operating expenses accounted for 12.1 percent of total revenues in the third quarter of 2018, compared to 10.4 percent in the second quarter of 2018 and 10.6 percent in the third quarter of 2017.
JinkoSolar’s solar module shipments were 2,953 MW, including 0.2 MW to the company’s overseas downstream segment.
JinkoSolar’s in-house annual silicon wafer, solar cell and solar module production capacity was 9.2 GW, 6.5 GW and 10.0 GW, respectively.
Overseas module shipments accounted for almost 80 percent of total shipments during the quarter which offset the impact of softened demand in China. Despite the impacts of May 31 polices, China installed 34.5GW by the end of September.
“We are confident in our ability to expand our market share with global demand expected to recover next year as solar energy becomes more competitive and grid parity approaches in more key markets,” JinkoSolar CEO Kangping Chen said.