JinkoSolar announces full year 2011 results

Shanghai, China - JinkoSolar Holding Co., Ltd., a vertically integrated solar power product manufacturer, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2011.

Total revenues for the full year 2011 were RMB7.4 billion (US$1.2 billion), an increase of 58.7% fromRMB4.7 billion in 2010. Gross profit for the full year 2011 was RMB1.1 billion (US$182.7 million), a decrease of 15.3% from RMB1.4 billion for the full year 2010. Gross margin was 15.6% for the full year 2011, compared with 29.2% for the full year 2010. The year-over-year decrease was mainly due to the industry-wide decline in the ASPs, which was partially offset by a decrease in the prices of polysilicon and auxiliary materials and improvements in operating efficiency. Net income for the full year 2011 was RMB273.3 million (US$43.4 million), a decrease of 69.0% from RMB881.9 million in 2010. Basic earnings per share in 2011 was RMB2.91 (US$0.46) and diluted loss per share in 2011 was RMB1.23 (US$0.20). Basic earnings per ADS in 2011 was RMB11.64 (US$1.85) and diluted loss per ADS in 2011 was RMB4.92 (US$0.78).

For the first quarter of 2012, total solar module shipments are expected to be approximately 170 MW to 190 MW. For the full year 2012, total solar module shipments are expected to be in the range of 800 MW to 1,000 MW, and total project development scale is expected to be in the range of 100 MW to 150 MW. The Company expects to maintain its in-house annual silicon wafer, solar cell and solar module production capacity at approximately 1,200 MW each by the end of 2012.

Source: IWR Online, 09 Mar 2012