Yingli posts drop in third-quarter revenue, narrows net loss

first_imgYingli posts drop in third-quarter revenue, narrows net lossThe Chinese PV group continued to see strong demand for modules from China and Japan as well as from emerging markets, which increased by some 17% quarter over quarter. November 25, 2014 Edgar Meza Finance Installations Legal Manufacturing Markets Markets & Policy Share Yingli Green Energy’s third-quarter sales fell 7.2% year-on-year to CNY 3.38 billion ($551.5 million) while narrowing its net loss from CNY 235.6 million a year ago to CNY 122.8 million ($20 million).The company’s operation profit of CNY 199.7 million ($32.5 million) showed a major improvement over its second quarter loss of CNY 85.9 million and CNY 70.3 million loss in the same period last year and marked Yingli’s first profitable quarter since the second quarter of 2011.Yingli Chairman and CEO Liansheng Miao said the company had “delivered another set of solid results … with a gross margin of 20.9%, well ahead of our previous guidance, and a strong PV module shipment of 903 MW.”Miao added that the company continued to improve its operating profitability through on-going efforts to reduce costs and control operating expenses.Yingli continued to see strong demand for modules from the key Chinese and Japanese markets as well as emerging territories, Miao said, adding, “In particular, our shipments to new emerging markets in the third quarter increased by approximately 17% quarter over quarter.”The chief exec pointed out that booming installation of domestic projects in the second half of the year resulted in higher average selling prices and better payment terms for solar panels in the third quarter. The company’s shipments to China increased by 19% compared to the second quarter.Yingli also benefitted from new policies introduced by China’s National Energy Administration (NEA) in September aimed at accelerating distributed solar generation in the country: Under the new policy, Yingli received approval of an additional 120 MW of distributed solar generation projects in September. 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