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Solid start for Canadian Solar

Net profit and revenue both rise in Q1 2018 compared with 2017

Solid start for Canadian Solar image

Canadian Solar posted a net profit of $43.4m in the first three months of 2018, compared with a net loss of $13.3m in the same period of 2017.

Revenue was $1.42bn in the first quarter of the year, up 115% on the $677m reported last year.

Solar module shipments were almost 1.38GW, which was in line with expectations, the company said.

Canadian Solar said it has approximately 2.3GW of projects at late-stage development or under construction.

Canadian Solar chairman and chief executive Shawn Qu said: “Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance.”

“As of 30 April, our portfolio of utility-scale solar power plants in operation was approximately 948MWp and our portfolio of late-stage solar power projects, including those in construction, was approximately 2.3GW.”

Image: Canadian Solar

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