Yingli Green Energy halves first quarter loss
Chinese PV panel maker curbs deficit as prices rise and costs fall.
Chinese photo voltaic (PV) panel maker Yingli Green Energy nearly halved its first quarter loss partly thanks to higher prices.
The New York-listed company, which recently announced a major push into the Middle East via subsidiary Yingli Solar, said lower costs had helped to boost margins in the three months to 31 March.
Yingli, a major sponsor of the FIFA World Cup in Brazil, shipped 630.8 MW modules during the period and expects to ship about 870-950 MW modules in the second quarter.
The company says it is still on course to hit its full-year 2014 PV module shipment target of 4 to 4.2 GW, an increase of between 23.7% and 29.9% from 2013.
Its net loss narrowed to $55 mn from $98.5 mn a year earlier while revenue was nearly unchanged at $432.2 mn.
Yingli Solar recently announced a focus on the burgeoning Middle East solar market and is already involved in a solar project in Jordan.