SHANGHAI, China, May 20, 2013 (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 first quarter ended March 31, 2013.
First Quarter 2013 Highlights
- Shipments were 442.7 MW, consisting of 248.0 MW of modules , 189.5 MW of cells , and 5.2 MW of module and cell tolling, exceeding the high end of the Company's previous guidance of 430 MW and representing a decrease of 11.5% from the fourth quarter of 2012
- Net revenue was RMB 1.7 billion ($270.0 million), compared to RMB 1.7 billion ($ 268.9 million) in the fourth quarter of 2012
- Gross margin was positive 6.0%, compared to gross margin of negative 4.6% in the fourth quarter of 2012
- Operating loss was RMB 85.2 million ($13.7 million), compared to operating loss of RMB 493.9 million ($79.5 million) in the fourth quarter of 2012
- Net loss was RMB 206.5 million ($33.3 million), of which net loss attributable to ordinary shareholders was RMB 204.3 million ($32.9 million)
- Loss per diluted ADS was RMB 5.29 ($0.85), compared to loss per diluted ADS of RMB 15.06 ($2.42) in the fourth quarter of 2012
- Cash and cash equivalents at the end of the quarter were RMB 2.8 billion ($454.9 million), compared to RMB 3.0 billion ($ 488.1 million ) at the end of the fourth quarter of 2012
Mr. Baofang Jin, executive chairman and CEO of JA Solar, commented, "Shipments exceeded the high end of guidance in the first quarter thanks to solid sales across our key markets, particularly in regions with higher ASPs, resulting in improved gross margins and a significant reduction in net loss."