JinkoSolar posts first profit in nearly two years
JinkoSolar Holding Co Ltd (JKS.N) swung to a profit after seven quarters of losses due to demand from newer solar markets, making it the first Chinese solar panel maker to return to the black after a two-year slump in prices.
Shares of JinkoSolar, which also said it expects to report a full-year profit, rose 15 percent to a near two-year high.
Panel prices fell by two thirds over the past couple of years, caused by oversupply and loss of demand in Europe, the top solar market.
JinkoSolar, like its rivals, has reduced its reliance on Europe and expanded into markets such as China, Japan, United States, South Africa and India.
Demand from these markets pushed up JinkoSolar’s total solar product shipments by 62 percent to 489.2 megawatts (MW) in the second quarter ended June 30.