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Yingli Green Achieves First Profitable Quarter In Nearly Five Years

Yingli Green Energy announced this week that in the first quarter of 2016 it achieved its first profitable quarter in nearly five years.

The Chinese solar PV panel manufacturer has been suffering from poor and lackluster financial results for several years now, however, earlier this month Yingli Green Energy, also known as Yingli Solar, announced preliminary financial results that suggested it would post its first profitable quarter since the third quarter of 2011. In its official first quarter 2016 results, published Tuesday, Yingli confirmed these predictions, reporting a small (though significant) net income of RMB79.6 million ($12.3 million), and earnings per American Depositary Share of RMB4.4 (US$0.7).

“We are glad to announce that we achieved profitability in the first quarter of 2016, which was our first profitable quarter since the third quarter of 2011,” said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

The company took in a net revenue of RMB2,351.1 million ($364.6 million), compared to RMB2,110.0 million in the fourth quarter of 2015, shipping a total of 508.1 MW of solar PV panels, up slightly on Q4’15. Gross profit was RMB469.3 million ($72.8 million), well up on RMB248.3 million in the fourth quarter of 2015.

The company’s shipments to Japan were largely responsible for the good turn of events this quarter, with Japan accounting for approximately 40% of the company’s total shipments in the first quarter, up from 30% in Q4’15. “We expect the strong demand from Japan to continue in 2016 before Japan’s announced reduction of subsidies for PV power becomes effective in April 2017,” Miao continued.

“We also had a solid first quarter in the United States with shipments to the U.S. representing approximately 14% of our total shipments in the quarter as compared to approximately 10% in the fourth quarter of 2015, and we expect to maintain our position in the US with orders from a stable base of run rate customers.

“In China, we have secured orders of approximately 820MW by the end of May due to robust demand in the first half of 2016.”

Yingli Green is expecting a similarly strong second quarter, with guidance of shipments in the range of 580 MW to 620 MW, and a gross margin in the range of 18% to 20%.

“Despite the challenges we face, we have achieved a remarkable improvement in our financial performance in the first quarter of 2016,” Mr. Miao concluded. “We endeavor to make every effort to keep such momentum and maintain a healthy operation.”

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