Yingli Green reports 2Q profit
By The Associated Press
Thursday, August 19, 2010 at 4:49 p.m.
SAN FRANCISCO ?
China-based solar cell maker Yingli Green Energy Holding Co. said Thursday that it earned a profit in the second quarter as revenue from sales of its photovoltaic modules jumped.
Yingli earned 217.8 million renminbi ($32.1 million), or 1.46 renminbi (21 cents) per American depositary share in the quarter. That compares with a loss of 393.7 million renminbi, or 3.03 renminbi per ADS, in the same quarter a year earlier.
Analysts expected a profit of 19 cents per share.
Revenue rose to 2.70 billion renminbi ($398.1 million) from 1.50 billion renminbi in the year-ago quarter. Analysts had been looking for $371.1 million.
Yingli saw a large increase in sales of photovoltaic modules — revenue rose to 2.66 renminbi ($391.6 million) from 1.46 billion renminbi in the previous year.
Research and development expenses fell to 38.8 million renminbi ($5.7 million) from 46.1 million renminbi last year but total operating expenses climbed, rising to 339.7 million renminbi ($50.1 million) from 189.5 million renminbi last year. The company said this was due mostly to higher selling expenses that stemmed from its sponsorship of the 2010 FIFA World Cup and higher research and development expenses.
Yingli’s ADS fell 10 cents to $10.87 in after-hours trading, after finishing regular trading down 48 cents, or 4.3 percent, at $10.77.
