JA Solar Holdings Co., Ltd. (Shanghai, China) on May 18th, 2015 announced its unaudited financial results for its first quarter ended March 31, 2015.
JA Solar’s total shipments were 681.5 megawatts (MW), an increase of 6.8% y/y and decrease of 28.5% compared to Q4, 2014. Q1, 2015 shipments of solar photovoltaic (PV) modules and module tolling increased by 50.5% y/y to 584.1 MW, but decreased by 33.6% sequentially.
Shipments of solar cells and cell tolling were 97.4 MW in Q1, 2015 representing a decrease of 61.1% y/y and an increase of 33.2% compared to Q4, 2014.
Net revenue was RMB 2.4 billion (USD 387.7 million), an increase of 5.6% y/y and a decrease of 32.8% sequentially. Q1, 2015 gross margin was 16.1%, a decrease of 60 basis points y/y and an increase of 60 basis points sequentially.
Operating profit was RMB 149.6 million (USD 24.1 million), compared to RMB 160.9 million (USD 26.0 million) in the first quarter of 2014, and RMB 222.4 million (USD 35.9 million) in the fourth quarter of 2014.
Negative Q1, 2015 operating cash flow
Net income was RMB 35.0 million (USD 5.6 million), compared to RMB 85.0 million (USD 13.7 million) in the first quarter of 2014, and RMB 166.1 million (USD 26.8 million) in the fourth quarter of 2014.
Q1, 2015 operating cash flow was negative RMB 237.1 million (USD 38.2 million), compared to positive RMB 198.2 million (USD 32.0 million) in the first quarter of 2014.
"Our first quarter shipments were in line with our expectations during a seasonally slow period. During the quarter, our gross margin held up well due to reduced material costs and high demand from the Japanese market, where pricing was better than expected,” comments Baofang Jin, chairman and CEO of JA Solar.
“Shipments to Europe were also strong, growing both year over year and sequentially."
JA Solar expects to see stronger demand in the second half, particularly in China and North America.
JA Solar to establish a new solar cell manufacturing facility in Malaysia
“Meanwhile, we remain focused on the execution of our downstream business and strategically expanding our manufacturing capabilities. We are currently working to establish a new cell manufacturing facility in Malaysia. Malaysia offers an advantageous location for our additional capacity as we continue to evaluate new opportunities in emerging markets, such as Latin America and India”, Jin emphasizes.
At the beginning of May the company announced a new joint venture to develop solar PV projects in Chile to accelerate its penetration in the Latin America market.
"We are confident that our strong manufacturing and sales execution, growing downstream project portfolio, and continued geographic expansion will be key growth drivers for us moving forward. These, combined with the expected pick-up in demand in the second half of the year, leave us very optimistic about the remainder of 2015 as we continue to build on our leadership position in the industry, JA Solar’s CEO concludes.
2015 guidance expects shipments to be in the range of 3.6 GW to 4.0 GW
For the second quarter of 2015, the Company expects total cell and module shipments to be in the range of 680 MW to 720 MW. Full year 2015 shipments are expected to be in the range of 3.6 GW to 4.0 GW, including 200 MW of modules shipments to the Company's downstream projects.
2015-05-19 | Courtesy: JA Solar | solarserver.com © Heindl Server GmbH
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