Yingli Green see revenue fall due to market conditions

Yingli Green Energy reported strong third quarter results despite market conditions.

The PV module manufacturer achieved record quarterly shipments, up 21.9% from the previous quarter to an estimated 500MW.

However, due to falling prices, revenue declined to US$667.7 million, compared to a record US$680.6 million in the second quarter of 2011.

Yingli Green reported a net loss for the third quarter of US$28.3 million on declining margins and inventory write downs of US$40.6 million, due to falling prices and industry overcapacity with weaker than expected demand in the second-half of the year. Yingli Green’s results were in line with recently revised guidance.

"I'm pleased to see that we emerged stronger under the challenging market dynamics in the third quarter,” commented Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “With a 21.9% increase in PV module shipments in this quarter, we marked another record of quarterly shipment volumes. This was attributable to our well-recognized brand, diversified customer portfolio, strong product bankability, outstanding after-sales services, leading cost structure and cutting-edge technology.”