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Yingli books higher Q3 revenues, net loss widens

China-based solar developer Yingli Green Energy Holding Co. Ltd. on Dec. 19 reported its unaudited consolidated financial results for the 2017 third quarter.

The company reported total net revenues of 1.68 billion yuan, up from 1.46 billion yuan in the third quarter of 2016. Photovoltaic module shipments for the third quarter totaled 597.7 MW, compared to 1,146.6 MW in the second quarter and 365.3 MW a year ago.

Chairman and CEO Liansheng Miao said the results reflect a significant decline in demand in China as a result of a reduction of a feed-in-tariff for solar installations after June 30.

Miao said that demand for distributed generation maintained strong momentum in China, causing the company to adjust its market strategy to focus on smaller projects. In Europe, he said the company was continuing to restructure is sales network.

Net loss attributable to the company for the quarter widened to 2.34 billion yuan from 335.4 million yuan a year ago. Loss per American Depositary Share, or ADS, was 129.0 yuan, or US$19.4, compared to a loss per ADS of 18.5 yuan in the third quarter of 2016. The S&P Capital IQ GAAP estimate for the quarter was a loss per ADS of US$2.61.

On an adjusted non-GAAP basis, net loss was 330.0 million yuan, compared to 345.3 million yuan in the third quarter of 2016. Loss per ADS for the quarter totaled 18.2 yuan, or US$2.7, compared to 14.5 yuan a year ago.

Operating expenses for the quarter were 2.29 billion yuan, or US$344.7 million, compared to 307.1 million yuan in the comparable quarter in 2016.

The company said it expects photovoltaic module shipments to be in the range of 700 MW to 800 MW for the fourth quarter of 2017 and raised its 2017 full-year photovoltaic module shipments guidance to 2.8 GW to 2.9 GW.

As of December 18, US$1 was equivalent to 6.62 Chinese yuan.