JA Solar reports first quarter loss
June 28, 2012 Category Alternative energy, Environment
JA Solar Holdings Co reported a loss of CNY250.9 million in the first quarter as the solar-products company faced a double-digit drop in shipments and sharply weakened margins. Shipments fell 19% to 366 megawatt (MW), but exceeded the company’s March projection for shipments between 320 MW and 350 MW. Looking ahead, JA Solar expects shipments between 420 MW and 440 MW for the second quarter. The company has now seen its revenue decline for three straight quarters as weakened global demand and a supply glut have sent wafer and module prices tumbling. In the latest quarter it also recorded a USD2.9 million provision tied to a preliminary ruling last month by the U.S. Department of Commerce to impose a 31% tariff on Chinese solar products for the “dumping” of products in the U.S. at less than fair value. Last year JA Solar reported a profit of CNY470.2 million in the first quarter.
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