JA Solar Holdings Co., Ltd. announced its financial results for its fourth quarter and fiscal year ended December 31, 2013 yesterday. The net profit in 4Q13 was US $2.3 million, compared to the net loss of US $3.75 million, reached a high QoQ increase as well as the first ever quarterly profit. Besides, the total shipment in fiscal year 2013 was 2.1GW, increasing 21.7% from FY 2012.

“JA solar is a leading PV provider in Chinese and Japanese markets,” said Baofang Jin, the Executive Chairman and Chief Executive Officer at JA Solar. “Both markets grow rapidly and this factor helps JA solar to reach profit.”

Jin also added that the European market shows great demands to JA’s PV products. Steady price and the company’s cost-down policies both increase the gross margin by more than 15%.

Fourth Quarter 2013 Highlights

• Shipments were 665.5 MW, consisting of 363.3 MW of modules and 302.2 MW of cells and cell tolling, above the high end of the Company's previous guidance of 550.0 MW, and an increase of 33.0% from 500.2 MW in the third quarter of 2013
• Net revenue was RMB 2.2 billion ($357.3 million), an increase from RMB 1.8 billion ($290.5 million) in the third quarter of 2013
• Gross margin was 15.5%, compared with 11.3% in the third quarter of 2013
• Operating profit was RMB 58.9 million ($9.7 million), compared with an operating loss of RMB 31.6 million ($5.2 million) in the third quarter of 2013
• Net income was RMB 139.5 million ($23.0 million), compared with a net loss of RMB 227.0 million ($37.5 million) in the third quarter of 2013. Earnings per diluted ADS were RMB 1.92 ($0.32), compared with a loss per diluted ADS of RMB 6.77 ($1.12) in the third quarter of 2013
• Cash and cash equivalents at the end of the quarter were RMB 2.1 billion ($350.2 million), compared with RMB 1.9 billion ($313.3 million) at the end of the third quarter of 2013
• Operating cash flow was positive RMB 426.1 million ($70.4 million), compared with positive RMB 623.4 million ($103.0 million) in the third quarter of 2013
• Non-GAAP net earnings1 attributable to the Company's ordinary shareholders were RMB 55.1 million ($9.1 million), compared to a non-GAAP net loss attributable to the Company's ordinary shareholders of RMB 90.2 million ($14.9 million) in the third quarter of 2013
• Non-GAAP earnings per diluted ADS in the fourth quarter of 2013 were RMB 0.94 ($0.16), compared to Non-GAAP loss per diluted ADS of RMB 2.24 ($0.37) in the third quarter of 2013

Fiscal Year 2013 Highlights

• Shipments grew to approximately 2.1 GW, consisting of 1,173.7 MW of modules and module tolling and 898.3 MW of cells and cell tolling, an increase of 21.7% from 1.7 GW in fiscal year 2012
• Net revenue was RMB 7.2 billion ($1.2 billion), compared to net revenue of RMB 6.7 billion ($1.1 billion) in fiscal year 2012
• Gross margin was positive 10.6%, compared to gross margin of negative 0.8% in fiscal year 2012
• Operating loss was RMB 91.3 million ($15.1 million), compared to an operating loss of RMB 1.4 billion ($237.9 million) in fiscal year 2012
• Net loss was RMB 426.5 million ($70.5 million) and loss per diluted ADS was RMB 11.76 ($1.94), compared to a net loss of RMB 1.7 billion ($274.6 million) and a loss per diluted ADS of 42.65 ($7.05) in fiscal year 2012
• Operating cash flow was positive RMB 1.5 billion ($255.2 million), compared to operating cash flow of positive RMB 8.6 million ($1.4 million) in fiscal year 2012
• Cash and cash equivalents at the end of the fiscal year were RMB 2.1 billion ($350.2 million), compared with RMB 3.0 billion ($500.8 million) at the end of fiscal year 2012
• Non-GAAP net loss attributable to the Company's ordinary shareholders was RMB 378.2 million ($62.5 million), compared to a non-GAAP net loss attributable to the Company's ordinary shareholders of RMB 1.7 billion ($274.6 million) in fiscal year 2012
• Non-GAAP loss per diluted ADS in fiscal year 2013 was RMB 9.39 ($1.55), compared to a non-GAAP loss per diluted ADS of RMB 42.65 ($7.05) in fiscal year 2012