Yingli Green Energy Holding Company, a China-based solar energy company and vertically integrated photovoltaic (PV) manufacturer which markets its products under the brand "Yingli Solar," has announced its unaudited consolidated financial results for the quarter ended June 30, 2011.
The total net revenues in second-quarter 2011 was CNY4.4 billion (US$681 million), a 27.4% on-quarter increase. The shipments of solar modules increased by 36.6% on quarter while gross profit reached CNY526.4 million, representing a gross margin of 22.1%. Net income was CNY375.6 million in the second quarter of 2011, compared to CNY368.3 million in the first quarter of 2011 and CNY 217.8 million in the second quarter of 2010.
"I'm pleased to announce that we had our best quarter ever in terms of PV module shipments, which increased by 36.6% over the previous quarter. With the significantly increased shipments, we managed not only to expand our global market share, but also to extend our sales geographies," commented Liansheng Miao, chairman and CEO of Yingli Green Energy.
"The increased shipments were primarily attributable to the improved market conditions, solid management execution and our diversified customer portfolio," Miao continued. "During Intersolar Europe in June, we saw the sign of demand recovery triggered by the drop of module price," added Miao.
Article translated by Jackie Chang
