China-based solar firm JA Solar has reported financial results for fourth-quarter and fiscal year 2012. JA Solar's fourth-quarter shipments reached 500MW, exceeding the 418MW shipped in the third quarter of 2012, while net revenues reached CNY1.7 billion (US$273 million), an increase of 1.8% from CNY1.6 billion in the third quarter.
The fourth-quarter gross margin was negative 4.6%, compared with negative 5.9% in the third quarter, according to the firm. Fourth-quarter net loss was CNY637.9 million, compared with a net loss of CNY371.4 million in the third quarter of 2012, said JA Solar.
According to the firm, shipments in 2012 grew to approximately 1.7GW, an increase of 0.4% on year from 1.69 GW in 2011.
JA Solar saw 2012 net revenues reach CNY6.7 billion, lower than net revenues of CNY10.7 billion in 2011. The firm stated that gross margin was negative 0.8%, compared with gross margin of positive 4.3% in 2011. The total 2012 net loss was CNY1.7 billion, added the firm.
For the first quarter of 2013, JA Solar expects total cell and module shipments to be between 410-430MW. For the full year 2013, the firm expects total cell and module shipments to be between 1.7-1.9 GW.
Baofang Jin, executive chairman and CEO of JA Solar, commented, "2012 was another challenging year for the solar sector as industry-wide overcapacity continued to put downward pressure on average selling price (ASP) and margins. In the fourth quarter, shipments exceeded the top end of the firm's prior guidance, largely due to a better-than-expected performance across key growth markets. The proportion of modules, including module tolling, in JA Solar's overall product mix increased to 64.4% of total shipments and 70.1% of revenues by the fourth quarter."
Jin continued, "In the fourth quarter, shipments to Japan and China grew significantly. Shipments to the US declined in the quarter due to seasonality, although the firm expects to see increasing demand in 2013. JA Solar is optimistic about the emerging solar markets such as the Middle East, Australia and Latin America, all of which have promising long-term potential."
