Jolywood to turn to small loss in Q1 from impact of COVID-19

Facebook
Twitter
LinkedIn
Reddit
Email
Jolywood also noted that supply chain issues with some raw and auxiliary materials had been in short supply, forcing a suspension of work at times that also increased manufacturing costs. Image: PV Tech

China-based PV backsheet and high-efficiency PV manufacturer Jolywood (Suzhou) Sunwatt Co expects to report a small loss in the first quarter of 2020 due to the impact of COVID-19 on its materials and solar module manufacturing operations. 

Jolywood said that it expected to report a loss in the range of RMB 17 million to RMB 22 million (US$2.4 million to US$3.1 million) in Q1. The company had reported a US$3.93 million net profit in the first quarter of 2019. Jolywood is expected to report 2019 and Q1 2020 financials before the end of April. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company cited several COVID-19 issues that related to the expected losses for the reporting quarter, which included delays in restarting production due to difficulties of employees returning to work and well as logistics and transportation restrictions. 

Jolywood also noted that supply chain issues, stating that some raw and auxiliary materials had been in short supply, causing a suspension of work at times as well as increased manufacturing costs. 

At its PV module manufacturing subsidiary, Jolywood (Taizhou) Solar Technology Co, the company noted that after a recent capacity expansion phase, sales volume was impacted by COVID-19, reducing profits and adding costs, also contributed to the expected losses in Q1. 

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

May 22, 2025
SMA Solar will begin local assembly of power systems for large-scale solar and energy storage systems in the US.
May 21, 2025
There is potential for cPPAs to deliver the energy transition, according to speakers at the Renewables Procurement and Revenue Summit.
May 21, 2025
US PV module manufacturer Silfab Solar has acquired a patent portfolio for back-contact (BC) solar cells from solar research firm EnPV.
May 21, 2025
The US International Trade Commission has voted unanimously to impose AD/CVD tariffs on solar cells from Southeast Asia.
May 21, 2025
A key Chinese supplier to US tracker manufacturer Nextracker is to list on the Beijing Stock Exchange.
May 21, 2025
PPAs and VPPAs are an imperfect but effective tool, according to speakers at the 2025 Renewables Procurement & Revenue Summit.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia
Solar Media Events
September 16, 2025
Athens, Greece