November 22, 2011 (Chinavestor) Four Chinese companies reported earnings between 4:00 P.M. yesterday and 8:30 A.M. this morning. Trina Solar (NYSE:TSL) and Jinko Solar (NYSE:JKS) opened earnings for Chinese solar this week on Monday.
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Trina Solar [$ million]
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Jinko Solar [RMB million]
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Suntech Power [$ million]
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JA Solar [ RMB million]
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First observation: Jinko Solar (NYSE:JKS) was able to report a quarterly profit while the rest swung to a net loss. Suntech Power reported a net loss of $116.4 million, more than the rest of them combined. Trina Solar (NYSE:TSL) lost $31.5 million while JA Solar (NASDAQ:JASO) reported a net loss of $58.9 million (RMB375.9 million).
Suntech Power (NYSE:STP) had cash of $458 million, down from $946 million a year earlier. The company had short-term borrowings of $1,582 million. Considering that Suntech Power (NYSE:STP) burnt $116.4 million in the last quarter, liquidity is going to be an issue.
Trina Solar (NYSE:TSL) is in a better shape from a financial point of view. For a detailed analysis, please read Trina Solar Swung to Q3 Net Loss
JA Solar (NASDAQ:JASO) had $504 million cash at hand compared to short-term obligations of $56 million. The company burnt $59.8 million in the third quarter, a relatively slow pace compared to its cash pile. Short term liquidity is not an issue.
Jinko Solar (NYSE:JKS) was able to report a net profit and is looking the best among these four, at least for now.
Investors have to wait till Wednesday to get a better picture of the Chinese solar landscape. This is when Yingli Green Energy (NYSE:YGE) will report, a company that reported net profit for the previous quarter.
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