JA Solar’s Q1 profit grows to USD 24m

May 27, 2016 14:39 CEST by Tsvetomira Tsanova

May 27 – Chinese firm JA Solar Holdings Co Ltd (NASDAQ:JASO) saw its first-quarter (Q1) net profit rise to CNY 156.7 million (USD 24m/EUR 21.4m) in 2016 from CNY 35.5 million a year ago.

The bottom line result was down from CNY 193.4 million in the final quarter of 2015, which is due to seasonality.

The company’s release Friday shows it shipped 1,128.3 MW of cells and modules, more than it had forecast. External shipments of 1,038.3 MW were up by 52.4% on the year and down 22.4% sequentially. Modules and module tolling accounted for 919.4 MW of total shipments in Q1.

China brought 59.6% of external shipments, as compared to 21.4% a year back. “Although regulatory change will slow the China market in the second half, our balanced market footprint gives us plenty of sales opportunities around the world,” said CEO Baofang Jin.

Details on JA Solar’s Q1 performance are available in the table:

Results in CNY	Q1 2016	Q4 2015	Q1 2015
Net revenue	3.47 billion	4.59 billion	2.40 billion
Gross margin	16.6%	17.1%	16.1%
Earnings per diluted ADS	2.74	3.39	0.59

JA Solar guided for Q2 cell and module shipments of 1.4 GW-1.5 GW, including 100 MW for own solar power projects. It confirmed its guidance for full-year shipments of 5.2 GW-5.5 GW including 250 MW-300 MW for own projects.

By the end of 2016, the Chinese company expects to reach PERC (Passivated Emitter Rear Cell) capacity of 1.4 GW.

As of March 31, JA Solar had cash and cash equivalents of CNY 2.3 billion and total working capital of CNY 2.3 billion. Total short-term borrowings were CNY 2.2 billion and total long-term borrowings were CNY 3.2 billion.

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