Boston, MA 06/17/2014 (wallstreetpr) – Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) benefited from an increase in solar panel prices in a development that helped the company to narrow its net loss significantly in 1Q2014. The company reported a net loss of $55 million or $0.35 per share in the quarter. The loss was almost half the loss that the company suffered in the same period a year earlier.
While the bottom line showed significant improvement on a year-over-year basis, the company saw its revenue almost constant over the same period at $432.2 million. Although higher prices helped the bottom line in the most recent quarter, Yingli Green (NYSE:YGE) also maintained a curb on its costs and expenses in the quarter.
Capitalizing on big sport events
The company is using the ongoing FIFA 2014 World Cup event to promote its products with hope that such efforts will attract big sales in the future. The company is used to seizing marketing opportunities in big sporting events. It was part of the sponsorship of the 2010 FIFA World Cup through which it managed to drum up support for its solar products. Things have never been the same since its sponsorship participation in 2010, and the company does not expect things to remain the same with the 2014 World Cup event.
Strong year ahead
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) boast a good name in the global solar industry. The company just received a boost to its reputation with reports that its products are behind a successful mega solar installation in Malaysia. The company partnered with Amcorp Power of Malaysia to build the country’s largest solar plant.
As if that is not enough, the company looks forward to more and perhaps bigger business opportunities this year. It is anticipated that solar consumption in 2014 will go up 36 percent over the figure noted in 2013. That providers a big opportunity for established solar products providers such as Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), which already basks in the glory of quality solar products and global footprint.
In all these, the company expects to exceed loss-making business sooner than later.