Revenue at Chinese solar module developer JinkoSolar increased to RMB5.78bn ($839.3m) in the first quarter of 2017, an increase of 9.4% on the RMB5.28bn posted in the same period last year.
The company said the increase was mainly attributable to greater solar module shipments in the first three months of 2017.
Module shipments were 2068MW in the first quarter of the year, an increase of 29.3% from the 1600MW in the period in 2016.
However, the average selling price of modules declined resulting in gross profit dropping to RMB649m from RMB1.08bn in the first quarter of 2016, the company said.
JinkoSolar chief executive Kangping Chen said demand for modules remains strong in China, India and the US.
He said: “We continued to capitalise on the growing recognition of JinkoSolar’s brand and high quality products and services to increase our market share and capture new opportunities during the quarter.
“With such strong demand from across the globe, we expect module shipments to increase by approximately 25% sequentially in the second quarter of 2017.”
The company estimates total solar module shipments to be in the range of 2.5GW to 2.6GW in the second quarter of 2017, with the full year expectation to be in the range of 8.5GW and 9GW.
Image: JinkoSolar
