August 18, 2014 / 11:21 AM / 3 years ago

JinkoSolar profit nearly triples on higher shipments, prices

Aug 18 (Reuters) - Solar panel maker JinkoSolar Holding Co Ltd reported a higher second-quarter profit as shipments and prices increased, sending its shares up 3 percent in premarket trading.

The Chinese company said net profit attributable to shareholders rose to $22.3 million, or 64 cents per American depositary share (ADS), in the quarter ended June 30, from $8 million, or 36 cents per ADS, a year earlier.

The Shangrao, China-based company’s revenue rose 36 percent to $392.1 million.

Total shipments shot up to 659.5 megawatts (MW) in the quarter from 489.2 MW a year earlier. The company shipped 581.2 MW in the first quarter. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Don Sebastian)

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