Nov. 18 (Bloomberg) -- JinkoSolar Holding Co., the second-best performing Chinese solar manufacturer in the past year, rose to a three-year high after increasing its shipment forecast and posting a third-quarter profit.
Jinko’s American depositary receipts surged 13 percent to $33.30 at the close in New York, the highest since November 2010. The Shangrao, China-based company’s ADRs are each worth four ordinary shares.
Jinko expects to ship 1.7 gigawatts to 1.8 gigawatts of solar panels this year, up from an earlier forecast of 1.5 gigawatts to 1.7 gigawatts, according to a statement today.
Net income in the quarter was 103.5 million yuan ($16.9 million), compared with a loss of 114.5 million yuan a year earlier. Income more than doubled from the second quarter, when Jinko was the only profitable Chinese manufacturer in the Bloomberg Global Large Solar Energy Index of 15 companies.
The company’s efforts to expand into developing solar farms in addition to producing and selling panels is helping drive profits, said Chief Executive Officer Chen Kangping.
‘With the number and scale of our projects growing rapidly, we expect that this revenue stream will contribute meaningfully to our profit in the future,’’ he said today on a conference call with analysts.
Jinko completed about 105 megawatts of solar projects through Sept. 30, and expects to finish 108 megawatts of power plants in the current quarter. Revenue rose 48 percent from a year earlier to 1.96 billion yuan.
The company’s ADRs have increased 10-fold in the past year, the best performance on the Large Solar Index after Canadian Solar Inc.
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