Trina posts 29% boost in 2015 net profit

Trina Solar Announces Fourth Quarter and Full Year 2015 Results

Chinese PV giant Trina Solar posted a 29% increase in full-year 2015 net profit to $76.5 million on sales of $3 billion.

According to Trina’s unaudited results, published on Thursday, sales for the year rose nearly 33% compared to 2014. Operating income climbed 47.4% to $177 million.

The company also reported a 56.8% increase in total solar module shipments to approximately 5.74 GW for the year.

"2015 was in many ways a strong year for Trina Solar as we achieved record results on both a sequential and year-over-year basis in each quarter,” said Trina Chairman and CEO Jifan Gao. “During the year, we entered the Indian market and a number of other emerging markets, which helped to expand our global footprint from 43 to 63 countries.”

The group also made progress on its global capacity expansion plans, Gao added. “Our partnered facilities in Vietnam and Malaysia, where we employ a relatively asset light model, helped to meet the growing demand for our products in overseas markets, and we expect our cell and module facility in Thailand to become operational in 2016.” Trina’s downstream business also experienced further growth in China’s highly competitive environment. “All of these efforts have solidified our foundation and leave us well-positioned for 2016," Gao said.

In the fourth quarter of 2015, the company saw a 36.4% year-on-year increase in revenue to $961.9 million and achieved a net profit of $41.7 million, up from $10.6 million in the fourth quarter of 2014. Operating income rose from $30.5 million in 2014 to $81.3 million in the final quarter of 2015.

Trina’s total module shipments in the fourth quarter reached 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the company’s own downstream projects. This compares with total shipments of 1,703.2 MW in the third quarter of 2015, which consisted of 1,353.2 MW of external shipments and 350 MW to its own projects.

“Our module shipments during the quarter hit an all-time high of 1.78 GW, which once again exceeded the high-end of our guidance,” Gao pointed out, stressing that the group continued to maintain its position as the world’s largest solar module manufacturer and a leading solar project developer and operator.

Gao added that Trina’s downstream business performed in-line with expectations. The company connected a total of 258.8 MW of PV power projects to the grid in the fourth quarter, including 132.5 MW of utility projects and 126.3 MW of distributed generation (DG) projects in China. For the full year of 2015, the company connected a total of 685.9 MW of PV power projects to the grid around the world, of which about one-third were DG projects in China.