* Sees 1st-qtr panel shipments of 270 MW to 300 MW
* 4th-qtr rev down less than 3 percent
* 4th-qtr loss $5.51/ADS, vs loss $2.58/ADS year earlier
April 10 Chinese solar company JinkoSolar
Holding Co Ltd reported its sixth straight quarterly
loss due to a continued decline in solar panel prices, sending
its shares down nearly 3 percent before the bell.
Loss of subsidies in top market Europe and rapid
manufacturing capacity expansion in China have contributed to a
66 percent decline in solar panel prices in the last two years.
Solar panels, which cost as much as $3.50 per watt in 2005,
are now selling at about 70 cents.
JinkoSolar forecast total solar module shipment of 270
megawatt (MW) to 300 (MW) for the first quarter, higher than the
252.3 MW it shipped in the fourth quarter.
For the full year, the company expects to ship between 1.2
gigawatt (GW) and 1.5 GW of solar modules, higher than the 912.4
MW it shipped last year. It expects to develop 200 MW to 300 MW
solar projects this year.
The company, like its peers, is betting on emerging solar
markets such as China, Japan, United States, South Africa and
India as the European market continues to shrink.
JinkoSolar expects the United States to account for a large
share of its shipments this year, despite facing an anti-dumping
duty of 15.42 percent and countervailing duty of 15.24 percent.
The European Union may impose provisional duties on imports
of Chinese solar panels and components. The European Commission
is examining if Chinese products were being dumped in Europe and
a ruling is expected by June 6.
The United States has already imposed duties on imports of
China-made solar cells.
Jinkosolar signed a $58 million loan agreement with
state-run China Development Bank earlier this month to
help fund solar power plant projects in China.
"As one of the first solar companies tapping into the growth
potential of China's solar market, we have managed to secure
multiple contracts and repeat business," the company said in a
Jinkosolar has received generous loans from China
Development Bank and is slated to receive $1 billion over five
years to fund solar projects outside China.
The European commission in November also began a study into
allegations that Chinese company had received illegal subsidies.
JinkoSolar's net loss widened to $122.2 million, or $5.51
per American depository share (ADS), in the fourth quarter, from
$58.3 million, or $2.58 per ADS, a year earlier.
Revenue fell less than 3 percent to $187.3 million.
JinkoSolar's stock has fallen more than 6 percent this year,
closing at $5.80 on Tuesday on the New York Stock Exchange. The
broader MAC Global Energy Index has risen nearly 14
percent in the same period.