Yingli Deepens Q2 Loss, Shipments Up 72%
Vertically integrated photovoltaic product manufacturer Yingli Green Energy Holding Company Limited (NYSE:YGE) reported a second quarter net loss of RMB 393.7 million ($57.6 million), compared to net income of RMB 203.9 million in the year-ago period and RMB 141.6 million in the first quarter of 2009. Diluted loss per ordinary share was RMB 3.03 ($0.44) in the period.
Net revenues were RMB 1.5 billion ($219.5 million), down 24.6% year-on-year but up 49.9% quarter-on-quarter. Module shipments grew 72.3% from the previous quarter, due to improvements in PV industry financing, Yingli brand awareness and promotions efforts, but partially offset by a lower average selling price.
The company reaffirmed PV module shipment outlook of 450-500MW for the full year 2009, representing a 59.9% to 77.6% year-on-year increase, but revised its full year gross margin target to 18-20%, compared to 23-25% announced in the previous quarter.
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