Jinko Solar has recorded its fifth consecutive profitable quarter as it expands its overseas sales and builds out its downstream business.
The company’s total solar shipments of 659.5MW were an improvement of 34.8% on the same period in 2013. Revenues of US$392.1 million were up 37.8% on the same time last year.
“We gained considerable momentum during the quarter. Total revenues increased 20.8% sequentially and 37.8% year-over-year,” said Kangping Chen, CEO, Jinko Solar. “We expanded our geographic reach, secured financial support from globally-respected financial institutions for our downstream business and solidified our position in important emerging markets where we have made strategic investments such as South Africa and Latin America,” he said.
Revenue from its downstream business grew 26.1% compared to the previous quarter. At US$9.8 million, this sector remains a modest part of the company’s business, for now.
“In addition to the RMB1 billion strategic financing agreement we signed with China Minsheng Bank, mainly for our distributed PV generation systems, we secured US$225 million in private equity financing for our downstream solar power subsidiary, from China Development Bank International, Macquarie Greater China Infrastructure Fund and New Horizon Capital,” said Chen. “In addition to financing, they will also provide a wide range of support to drive future growth in our downstream business.”
The company has revised its full year project guidance from 400MW to more 600MW.