China-based Yingli Green Energy Holding Company (Yingli Solar) has reported consolidated revenues for the first quarter of 2013 dropped.
Yingli Solar's first-quarter revenues came to CNY2,679.3 million (US$436 million), lower than CNY2,902.9 million reported in the fourth quarter of 2012 and CNY3,148.5 million reported in the first quarter of 2012. The firm noted that solar module shipments dropped by 6.4% on quarter, resulting in the sequential revenue decrease.
Yingli Solar stated that the overall gross margin in the first quarter was 4.1%, which was higher compared to negative 8.5% in the fourth quarter of 2012, but lower compared to 7.8% in the first quarter of 2012.
The firm's net loss shrank in the first quarter to CNY611.8 million compared to net loss of CNY1.249 billion in the fourth quarter of 2012, but widened compared to net loss of CNY283.2 million in the first quarter of 2012.
As of March 31, 2013, the debt ratio of Yingli Solar was 86.9%.
According to Liansheng Miao, chairman and CEO Of Yingli Solar, "The first quarter has historically been slow in China due to seasonality. However, demand picks up quickly as the construction of utility-scale projects accelerates. Based on current market conditions and forecasted customer demand, the firm is confident to accomplish the full year solar module shipment guidance of 3.2-3.3 GW."
