Reuters: Hot Stocks: UPDATE 1-JinkoSolar swings to profit after seven quarters of losses

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UPDATE 1-JinkoSolar swings to profit after seven quarters of losses Aug 14th 2013, 10:46 Wed Aug 14, 2013 6:46am EDT * Raises 2013 panel shipment outlook to 1.5-1.7 GW, from 1.2-1.5 GW * Second-quarter profit $0.36/ADS, vs $2.20 loss/ADS year ago (Adds outlook, background, shares) Aug 14 (Reuters) - JinkoSolar Holding Co Ltd swung to a profit after seven quarters of losses due to demand from newer solar markets, making it one of the first Chinese panel makers to return to the black after a two-year long slump in prices. Chinese solar companies have lost money in the last two years due to steep declines in panel prices, caused by oversupply and loss of demand in Europe, the top solar market. JinkoSolar, like its rivals, has reduced its reliance on Europe and expanded into markets such as China, Japan, United States, South Africa and India. Demand from these markets pushed up JinkoSolar's total solar product shipments by 62 percent to 489.2 megawatts (MW) in the second quarter, ended June 30. The company raised its panel shipment outlook for the year to 1.5-1.7 gigawatts (GW) from 1.2-1.5 GW. JinkoSolar said it expects to post a profit for the full year. Net income attributable to shareholders was $8 million, or 36 cents per American Depositary Share (ADS), for the second quarter, compared with a net loss of $48.9 million, or $2.20 per ADS, a year earlier. Revenue rose nearly 43 percent to $287.6 million. JinkoSolar shares closed at $13.55 on Tuesday on the New York Stock Exchange. (Reporting by Swetha Gopinath in Bangalore; Editing by Saumyadeb Chakrabarty) Link this Share this Digg this Email Reprints

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