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.
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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
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The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.