JinkoSolar Q1 Loss Narrows

(RTTNews) - JinkoSolar Holding Co. (JKS), solar module manufacturer, on Wednesday reported narrower loss for the first quarter from a year earlier despite lower revenue. Further, the company maintained its full- year shipment guidance.

Quarterly Net loss narrowed to RMB 463.51 million or $67.19 million from RMB 1.32 billion or $181.7 million last year, mainly from lower net loss at majority-owned subsidiary Jiangxi Jinko.

Loss per share was RMB 2.21 or $0.32 compared to RMB 6.40 or $0.88, a year earlier.

Excluding items, net loss attributable to JinkoSolar was RMB 549.3 million or $79.6 million compared to RMB 1.07 billion or $147.4 million in the previous year. However, total revenues declined 11.5 percent to RMB 12.25 billion or $1.78 billion, from RMB 13.84 billion or $1.91 billion last year due to lower shipment volume.

For the full year, it expects shipments to reach 75 GW to 85 GW, with high-efficiency products accounting for over 60 percent.

On the NYSE, shares of JinkoSolar currently trading 2.91 percent lower at $21.70