Yingli Q3 Income Tops RMB 120m
Vertically integrated photovoltaic (PV) product manufacturer Yingli Green Energy Holding (NYSE:YGE) booked a net income of RMB 120.8 million ($17.7 million) in the third quarter of 2009, compared with a profit of RMB 147.6 million in the year-ago period and a net loss of RMB 393.7 million in the second quarter of this year. The company made net revenue of RMB 2.23 billion ($326.0 million) in the quarter, up against its third quarter 2008 revenue of RMB 2.21 billion and prior quarter revenue of RMB 1.5 billion.
The company updated its annual PV module shipment target to 490-500MW this year, representing an increase of 74.0-77.6% year-on-year, and upgraded its gross margin target for fiscal year 2009 to 19-20%.
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