JinkoSolar eyes emerging markets as EU duties loom
Nov 20 (Reuters) - Chinese solar company JinkoSolar Holding Co Ltd reported a quarterly loss on weak panel prices and said it had shifted focus to emerging markets as the European Union could follow the United States in imposing tariffs on Chinese solar products.
JinkoSolar already faces duties of about 15.42 percent in the United States. The U.S. International Trade Commission earlier this month approved final duties on billions of dollars of solar equipment imports from China.
The European Union has also launched an investigation into solar imports from China, and is looking at alleged state subsidies for Chinese solar panel manufacturers.
JinkoSolar said it had turned its focus to emerging markets such as China, South Africa, South America and Eastern Europe to avoid potential duties in Europe.
JinkoSolar expects to ship between 250 megawatt(MW) and 300 MW modules in the fourth quarter, compared with third-quarter module shipments of 280 MW.
Solar companies have seen margins disappear as a global glut and weak demand from top market Europe has battered prices.
The company posted a net loss of $8.7 million in the third quarter, compared with a profit of $10.7 million a year earlier.
Revenue fell 22 percent to $221.1 million.
JinkoSolar shares closed at $3.51 on Monday on the New York Stock Exchange.
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