Solar panel manufacturer JinkoSolar Holdings Co. (NYSE: JKS) has reported a sharp increase in first-quarter revenues, reflecting higher production and shipment of modules. Meanwhile, the company’s net profit declined year-over-year.
Net income dropped to $4.57 million or $0.10 per ADS, hurt by higher expenses and continued supply chain issues. Solar module shipments claimed 57% annually to 8,390 MW.
Revenues of the China-based company rose sharply by 86% to $2.33 billion during the three-month period. The management also provided guidance for the second quarter and confirmed its earlier outlook for fiscal 2022.
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