Jinko Solar, a Chinese solar module and cell manufacturer, has announced its financial results for the third quarter (Q3) ending September 2018.

The company’s total revenue for Q3 2018 was RMB 6.69 billion ($974.8 million), which is an increase of 10.5 percent from RMB 6.06 billion (~$870 million) in Q2 of 2018. It is also an increase of 4.3 percent from RMB 6.42 billion (~$920 million) compared to the Q3 of 2017.

The growth of revenue was due to an increase in the shipment of solar modules in Q3 2018.

Jinko Solar’s gross profit in Q3 2018 was RMB 997.6 million ($145.3 million), a 37 percent compared to  RMB 727.6 million (~$104.66 million) in Q2 of 2018 and RMB772.4 million (~$ 111.10 million) in Q3 2017.

Solar module shipments totalled 2,953 MW in Q3 2018, an increase of 5.7 percent from 2,794 MW in Q2 2018 and 24.4 percent from 2,374 MW in Q3 2017.

Kangping Chen, chief executive officer of Jinko Solar said, “Overseas module shipments accounted for almost 80% of total shipments during the quarter which offset the impact of softened demand domestically. We are confident in our ability to further expand our market share with global demand expected to recover next year as solar energy becomes more competitive and grid parity approaches in more key markets.”

Earlier, Mercom reported that Jinko Solar signed a 240 MW solar module supply agreement with Powerchina Huadong Engineering Corporation Limited for the second phase of the 420 MW Dau Tieng solar project in Vietnam.

Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer