SHANGHAI, China, Aug. 29, 2012 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, today announced its unaudited financial results for its second quarter ended June 30, 2012.
Second Quarter 2012 Highlights
- Shipments were 418 MW, in line with the low end of the Company's previous guidance of 420 MW, and an increase of 14.2% from 366 MW in the first quarter of 2012
- Net revenue wa s RMB 1.8 billion ($284.4 million) , an increase of 12.8% from RMB 1.6 billion ($252.2 million) in the first quarter of 2012
- Gross margin was 4. 8 %, compared with 2.1% in the first quarter of 2012
- Operating loss was RMB 155.9 million ($24.5 million) , compared with operating loss of RMB 159.1 million ($25.0 million) in the first quarter of 2012
- Net loss, including a foreign exchange loss of RMB 69.8 million ($11.0 million) and tax expenses of RMB 120.0 million ($18.9 million), was RMB 457.8 million ($72.1 million), compared with net loss of RMB 250.9 million ($39.5 million) in the first quarter of 2012
- Loss per diluted ADS was RMB 2.34 ($0.37), compared with loss per diluted ADS of RMB 1.28 ($0.20) in the first quarter of 2012
- Cash and cash e quivalents at the end of the quarter were RMB 3.7 billion ($589.1 million) , compared with RMB 4.3 billion ( $ 670.3 million ) at the end of the first quarter of 2012
Dr. Peng Fang, CEO of JA Solar, commented, "In the second quarter, JA Solar achieved shipments in line with the low end of our guidance and maintained a healthy financial position despite the challenging market environment. Gross margin increased to 4.8% from 2.1% in the first quarter, as a result of our cost reduction efforts and increased operating efficiency. This quarter, modules accounted for more than 60% of revenues and more than 55% of shipments for the first time in our history. Although not as severe as in previous quarters, the downward pressure on pricing continued. In light of this, we focused on sustaining a healthy balance sheet and building our footprint in key growth markets."