JinkoSolar sinks deeper as net loss hit $102.8m

The board declared a cash dividend of $0.375 per ordinary share in June.

JinkoSolar reported a net loss of US$102.8m (RMB697m) as loss from operations widened to US$211.7m (RMB1.44b) during the second quarter of the year.

Total revenue was US$1.82b (RMB12.36b), up 0.9% sequentially but down 31.3% year over year, driven by lower module shipment volumes.

Quarterly module shipments reached 15,961 megawatts, up 16.7% from Q1 but down 34.4% from a year earlier.

The company's investment portfolio provided a partial offset. A gain from change in fair value of long-term investments came to US$54.6m (RMB370.3m), tied to a portfolio company's Initial Public Offering during the quarter.

Separately, JinkoSolar sold a 75.1% stake in its US subsidiary for US$191.5m (RMB1.31b) in cash, booking a US$34.9m (RMB236.6m) pre-tax gain.

For the first half of the year, total module shipments reached 29.6 gigawatts, with about 70% sold overseas.

The board declared a cash dividend of $0.375 per ordinary share in June.

(US$1=RMB6.72)