JinkoSolar Holding Co., Ltd. (NYSE: JKS), a global leader in the solar PV industry, today announced its Q3 2013 financial results for the period ending September 30, 2013. In this connection, JinkoSolar’s CEO hosted an earnings conference call today. Below is the full text of the commentary made by the CEO of JinkoSolar Holding, Mr. Kangping Chen.
I am extremely proud to report the JinkoSolar’s second consecutive quarter of profitability following robust quarter-over-quarter growth in revenue, module shipments, and net profits. We have picked up considerable momentum from the strategic investments we made during the downturn.
During that time we have successfully penetrated new markets, both in our geographic reach and expanded our downstreambusiness, which has already resulted in net profitability for the entire year, a goal we initially set for ourselves to complete by the end of 2013. We now look forward to closing out the year on an even stronger footing. JinkoSolar is now solidly among leading global solar PV companies with gross margins that have steadily improved to 22.3%, thanks toour leading cost structure, improving global ASPs and growing profits from solar projects.
I believe our strong operational and financial performance demonstrate the management’s effectiveness and ability to execute its strategy. Having regained profitability for the second quarter, and having achieved the net profitability for the entire year a quarter ahead of the schedule, we are now devoting our substantial resources and attention to expanding our downstream business as we continue our transformation from a traditional manufacturer to a one-stop energy solution provider.
The follow-on public offering of 4,370,000 ADSs we issued during the quarter is another vote of confidence by the markets in our future and the direction we are headed. We raised approximately US$67.8 million to further improve our working capital and cash reserves and are eager to put the cash to work. The capital will be used to supplement our working capital and invested into one of the most exciting business segments: our downstream projects.
Our transformation from a traditional manufacturer to a one-stop energy solution provider is truly an exciting business and I am very optimistic about the opportunities that it will bring. We have already connected 105 MW to the grid sofar and are focused on connecting another 108 MW during the fourth quarter of 2013. This will be followed by an additional 300 MW earmarked to be connected by the end of 2014 with the support of financial partners, such as China Development Bank, and we plan to be more focused on distributed PV systems.