The majority-owned principal operating subsidiary of Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) expects its net attributable profit in the first quarter of 2023 to zoom by up to 323.8% in annual terms.
Jinko Solar Co Ltd (SHA:688223), also known as Jiangxi Jinko, on Sunday posted some preliminary unaudited financial results showing that the net income attributable to its shareholders will range between CNY 1.6 billion and CNY 1.7 billion. This represents a year-on-year surge of between 298.9% to 323.8%.
Excluding extraordinary gains and losses, the net result for the trimester is seen at CNY 1.2 billion-1.3 billion, corresponding to a jump of 299.5%-332.8% on the year.
JinkoSolar currently owns an equity interest of about 58.62% in Jiangxi Jinko. The unit completed its initial public offering (IPO) in Shanghai at the beginning of last year, raising gross proceeds of CNY 10 billion.