SHANGHAI, Sept. 6, 2018 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading solar project developer and operator, today announced its
unaudited financial results for the second quarter ended
June 30, 2018.
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented,
"We are quite satisfied with our second quarter performance.
Revenue was at the high end of our expectations, and we
meaningfully improved our operating margin. Second quarter
gross profit and operating income were identical to the first
quarter. These results
demonstrate our steadily improving earnings power, as we continue
to scale up the new business model we initiated last year."
Li continued, "In August, we announced a very important
development, the potential sale of our operating DG assets in
China to Brookfield. Should
we reach a deal during the 60 day exclusivity period, this sale
will provide substantial capital for us to recycle back into the
growth of our business. We remain optimistic about our
opportunities around the world, and look forward to funding the
continued growth of our 1.5 GW pipeline."
Second Quarter 2018 Highlights
|
|
Q2 2018
($
millions)
|
Q1 2018
($
millions)
|
Q/Q
Change
|
Revenue
|
$27.8
|
$44.8
|
-38%
|
Gross
Profit
|
$8.2
|
$8.4
|
-2%
|
Operating
Income
|
$5.9
|
$5.9
|
0%
|
EBITDA
|
$5.2
|
$9.0
|
-43%
|
Income before Income
Tax and Noncontrolling interests
|
$0.4
|
$5.4
|
-92%
|
Net Income
|
$0.4
|
$5.4
|
-92%
|
- Revenue was $27.8 million, toward
the high end of the guidance range of $20 to $30
million;
- Gross margin was 30%, compared to 19% in Q1 2018;
- Income before income tax and noncontrolling interests was
$0.4 million, compared to
$5.4 million in Q1 2018 and
$0.8 million in Q2 2017;
- Key constituents of revenue:
- $10.1 million from the
Project Development business, mainly from sales of utility solar
projects in North Carolina,
United States;
- $7.6 million from EPC
services for 8.4 MW of distribued generation projects in
China
- $9.9 million from the sale
of electricity
- Installed 13.1 MW of rooftop projects in China and 14.0 MW of projects in Poland;
- Solar power project pipeline of approximately 1.51 GW, of which
670.2 MW is late-stage.
Second Quarter 2018 Financial Results
Revenue was $27.8 million,
compared to $44.8 million in Q1 2018
and $1.6 million in Q2 2017.
Revenue from the Project Development business was $10.1 million, due mainly to sales of 6.7 MW of
utility-scale projects in North
Carolina, United
States.
Revenue from the EPC business was $7.6
million due to EPC services for 8.4 MW of distribued
generation projects in China.
Revenue from the sale of electricity was $9.9 million. The Company generated 63.3 Million
Kwh of electricity from its operating DG projects in China.
Gross profit was $8.2 million,
compared to a gross profit of $8.4
million in Q1 2018 and $1.1
million in Q2 2017. Gross margin was 30%, compared to 19% in
Q1 2018, mainly due to a greater mix of electricity sales due to
the seasonality of solar irradiation.
Operating expenses were $2.3
million, slightly down from $2.5
million in Q1 2018 and up from $1.9
million in Q2 2017. Sales and marketing expenses were
$0.2 million, slightly up from
$0.1 million in Q1 2018. General and
administrative expenses were $2.7
million, slightly up from $2.4
million in Q1 2018.
Operating income was $5.9 million,
same as to operating income in Q1 2018 and compared to an operating
loss of $0.7 million in Q2 2017.
Total non-operating expenses of $5.5
million included interest expenses of $2.6 million and foreign exchange loss of
$2.9 million, mainly driven by the
depreciation of EUR,GBP and PLN against USD.
Income before income tax and noncontrolling interests was
$0.4 million, compared to an income
of $5.4 million in Q1 2018 and a loss
of $0.8 million in Q2 2017.
Net income was $0.4 million,
compared to an income of $5.4 million
in Q1 2018 and $0.8 million in Q2
2017.
Financial Position
The Company had cash and equivalents of $24.8 million as of June
30, 2018, compared to $10.9
million as of March 31, 2018.
Long-term borrowings were $72.7
million as of June 30, 2018,
compared to $32.7 million as of
March 31, 2018, due mainly to loans
for renewed construction in Poland. The loan term and size
for Polish projects was extended during the quarter.
Long-term failed sale-lease back and capital lease liabilities,
associated with the financial leasing payables for rooftop projects
in China, were $85.0 million as of June
30, 2018, compared to $78.2
million as of March 31,
2018. The increase was mainly due to the corresponding growth
of the Company's DG operating assets.
Recent Business Updates
- On September 5, the Company held
its annual general meeting in Shanghai, and approved the following: the
consolidated financial statements of the Company for the year ended
December 31, 2017, together with the
reports of the auditors; the re-election of Mr. Martin Bloom as a director of the Company, who
is retiring by rotation and offering himself for re-election in
accordance with the Company's articles of association. The
Company's shareholders denied the proposed resolution of the
re-appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors
of the Company until the conclusion of the next annual general
meeting.
- On August 30, 2018, the Company
announced that in Budapest it
closed on long-term project financing with K&H Bank, one of
Hungary's largest banking and
financial services firms, to develop an approximately 8 MW
KAT-licensed solar project in Hungary. The 8 MW projects are expected to be
grid-connected by October, 2018. ReneSola has two more KAT-licensed
project portfolios seeking project financing from K&H
Bank.
- On August 21, 2018, the Company
appointed Grant Thornton as its
independent registered public accounting firm. Grant Thornton replaces PricewaterhouseCoopers
Zhong Tian LLP ("PwC"). The appointment of Grant Thornton was approved by the Board of
Directors and its Audit Committee after an extensive evaluation
process.
- On July 31, 2018, ReneSola
announced an exclusive negotiating agreement to sell its operating
distributed generation assets in China, which have a total capacity of 207 MW.
The potential buyer is an affiliate of Brookfield Asset Management.
The exclusivity period is 60 days from the date of signing.
Operating Assets and Completed Projects for Sale
The Company continues to pursue opportunities in small-scale
projects in diversified regions and believes its strategy can
capitalize on trends in solar energy development. ReneSola
currently owns over 226.5 MW of operating rooftop projects, which
are concentrated in a handful of eastern provinces of China with attractive development
environments. As of June 30,
2018, the Company had over 134.0 MW of rooftop projects
under construction.
Operating
Assets
|
Capacity
(MW)
|
China
DG
|
206.8
|
- Zhejiang&
Shanghai
|
74.5
|
- Jiangsu
|
13.9
|
- Henan
|
62.4
|
- Anhui
|
31.5
|
- Hebei
|
17.1
|
- Shandong
|
7.4
|
Romania
|
15.4
|
United
Kingdom
|
4.3
|
Total
|
226.5
|
As of June 30, 2018, the Company
had 24.4 MW of completed projects, which are currently for
sale.
Completed Projects
for Sale
|
Capacity
(MW)
|
Poland
|
14.0
|
Turkey
|
10.4
|
Total
|
24.4
|
Project Pipeline
As of June 30, 2018, the Company
had a project pipeline of over 1.51 GW, of which 670.2 MW are
late-stage. 134.0 MW of the late-stage projects are under
construction. Late-stage projects include (i) projects with the
legal right to develop based on definitive agreements, including
the projects held by project SPVs or joint-ventured project SPVs
where control can be purchased by the Company once the late stage
is reached, and (ii) projects for which a PPA or FiT has been
arranged.
The following table sets forth the Company's late-stage project
pipeline by location:
Project
Location
|
Late-stage
(MW)
|
Under Construction
(MW)
|
USA
|
285.5
|
24.0
|
Canada
|
7.6
|
7.6
|
Poland
|
41.0
|
41.0
|
Hungary
|
42.6
|
42.6
|
France
|
73.7
|
--
|
Spain
|
162.0
|
--
|
India
|
30.0
|
--
|
South
Korea
|
9.0
|
--
|
China DG
|
18.8
|
18.8
|
Total
|
670.2
|
134.0
|
China
China: Late-stage
Pipeline
|
Capacity
(MW)
|
Business
Model
|
-Zhejiang &
Shanghai
|
10.2
|
IPP
|
-Jiangsu
|
4.3
|
IPP
|
-Fujian
|
4.3
|
IPP
|
China
DG
|
18.8
|
|
United States
In the U.S, the Company has a late-stage pipeline of 285.6 MW,
24.0 MW of which is under construction and are expected to be
connected to the grid in the fourth quarter of 2018.
US: Late-
stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
RP-NC
|
NC
|
24.0
|
Utility
|
Construction
|
2018
|
Project
Development
|
Utah
|
UT
|
10.7
|
Self-consumption /
DG
|
Development
|
2018
|
Project
Development
|
RP-MN
|
MN
|
37.5
|
Community
Solar
|
Development
|
2018
|
Project
Development
|
MN-VOS
|
MN
|
11.2
|
Community
Solar
|
Development
|
2019
|
Project
Development
|
New York
|
NY
|
20.6
|
Community
Solar
|
Development
|
2019
|
Project
Development
|
RP-CA
|
CA
|
16.5
|
Utility
|
Development
|
2019
|
Project
Development
|
Florida
|
FL
|
100.0
|
To be decided
|
Development
|
2019
|
Project
Development
|
Alpine
|
TX
|
65.0
|
To be
decided
|
Development
|
2019
|
Project
Development
|
Total
|
|
285.5
|
|
|
|
|
Canada
In Canada, the Company has a
late-stage pipeline of 7.6 MW projects, all under construction and
expected to be connected to the grid by the end of 2018. All 7.6 MW
of projects are eligible for Canada's FiT3 Scheme.
Canada: Late-
stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
FiT3
|
Ontario
|
7.6
|
DG
|
Construction
|
2018
|
Project
Development
|
Total
|
|
7.6
|
|
|
|
|
Poland
In Poland, the Company has a
late-stage pipeline of 41.0 MW, which are all under construction
and expected to connect to the grid in the second half of 2018.
Poland:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Auction 2017
Jun
|
Poland
|
41.0
|
DG
|
Development
|
2018
|
Project
Development
|
Total
|
|
41.0
|
|
|
|
|
Hungary
In Hungary, the Company grew
its late-stage pipeline to 71 "Micro PPs" projects with a total
capacity of 42.6 MW. All are under construction and are
expected to be connected to the grid in the second half of
2018.
Hungary:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Portfolio of "Micro
PPs", 0.5 MW each
|
Hungary
|
42.6
|
DG
|
Construction
|
2018
|
Project
Development
|
Total
|
|
42.6
|
|
|
|
|
France
In France, the Company formed a
strategic partnership with Green City Energy to jointly develop
four solar parks with a total installed capacity of 69.0 MW.
Additionally, the Company was awarded 16 solar projects in
France with a combined capacity of
4.65 MW.
France:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
SOLARPARK
|
France
|
69.0
|
Utility
|
Development
|
2019
|
Project
Development
|
SPV2
|
France
|
4.7
|
DG
|
Development
|
2019
|
Project
Development
|
Total
|
|
73.7
|
|
|
|
|
Other Geographies
In India, the Company has a
pipeline of 30.0 MW, which are self-consumption distributed
generation projects with top-rated commercial and industrial
off-takers. In Spain, the Company
has a late-stage pipeline of 162.0 MW of private PPA projects. In
South Korea, the Company has
secured a pipeline of 9.0 MW.
Other
Geographies:
Late-stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Spain PPA
|
Spain
|
162.0
|
Utility
|
Development
|
2019
|
Project
Development
|
India
C&I
|
India
|
30.0
|
DG
|
Development
|
2018/2019
|
Project
Development
|
South
Korea
|
South
Korea
|
9.0
|
Utility
|
Development
|
2019
|
Project
Development
|
Total
|
|
201.0
|
|
|
|
|
Outlook
For the third quarter of 2018, the Company's project business is
expected to generate revenue in the range of $15 to $20 million
and overall gross margin in the range of 35% to 40%. During the
third quarter of 2018, the Company expects to monetize 13 MW of
projects.
For 2018, the Company expects to generate revenue in the range
of $130 to $140 million with overall gross margin in the
range of 20 to 25%. The Company intends to monetize 250 MW to 300
MW projects.
Adoption of New Accounting Policy
Effective from January 1, 2018,
ReneSola adopted the new revenue recognition policy, ASC 606 —
Revenue from Contracts with Customers, using the modified
retrospective method in accordance with US GAAP ("ASC 606"). As a
result of adopting ASC 606, the Company recognized the cumulative
effect of initially applying the revenue standard as an increase of
approximately USD 0.87 million to the
opening balances of retained earnings in the first quarter of 2018.
There is no adjustment in the second quarter of 2018
Conference Call Information
ReneSola's management will host an earnings conference call on
September 6, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. China Standard Time).
Dial-in details for the earnings conference call are as
follows:
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1 (845)
675-0437
|
+1 (866)
519-4004
|
Hong Kong
|
+852
30186771
|
+852 (800)
906601
|
China
|
+86 (800)
819-0121
+86 (400)
620-8038
|
|
Other
International
|
+65
6713-5090
|
|
The call passcode is 8561109.
The Company requests listeners to dial in ten minutes before the
scheduled start time, in order to avoid delays in
registering.
A replay of the conference call may be accessed by phone at the
following numbers until September 15,
2018. To access the replay, please again reference the
conference passcode 1739389.
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1 (646)
254-3697
|
+1 (855)
452-5696
|
Hong Kong
|
+852
3051-2780
|
+852 (800)
963117
|
Mainland
China
|
+86 (800)
870-0206
+86 (400)
602-2065
|
|
Other
International
|
+61 (2)
8199-0299
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of ReneSola's
website at http://www.renesolapower.com.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.com.
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. Furthermore, the forward-looking
statements are mainly related to the Company's continuing
operations and you may not be able to compare such information with
the Company's past performance or results. The Company does
not guarantee that the forward-looking statements will happen as
described or that they will happen at all. Further information
regarding risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including the Company's annual report on Form
20-F. The Company undertakes no obligation, beyond that required by
law, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though the Company's situation may change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
RENESOLA
LTD
|
Unaudited
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
Jun
31,
|
|
Mar
31,
|
|
Jun
31,
|
|
2018
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
24,805
|
|
10,861
|
|
3,038
|
Restricted
cash
|
1,571
|
|
2,078
|
|
5
|
Accounts
receivable, net of allowances for doubtful
accounts
|
43,893
|
|
34,539
|
|
136
|
Inventories ,
net of inventory provisions
|
-
|
|
-
|
|
15
|
Advances to
suppliers-current, net
|
660
|
|
339
|
|
3,122
|
Value added tax
recoverable
|
15,002
|
|
13,675
|
|
6,611
|
Prepaid
expenses and other current assets
|
10,525
|
|
10,068
|
|
9,297
|
Project assets
current
|
77,799
|
|
81,460
|
|
116,869
|
Contract
costs
|
1,006
|
|
2,380
|
|
-
|
Assets of
discontinued operations current
|
-
|
|
-
|
|
380,063
|
Total
current assets
|
175,261
|
|
155,400
|
|
519,156
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
195,885
|
|
192,429
|
|
94,794
|
Deferred tax
assets-non-current, net
|
414
|
|
294
|
|
64
|
Project assets
non-current
|
17,133
|
|
11,233
|
|
4,537
|
Deferred
project costs non-current
|
-
|
|
-
|
|
20,913
|
Other
non-current assets
|
922
|
|
935
|
|
3,355
|
Assets of
discontinued operations non-current
|
-
|
|
-
|
|
512,107
|
Total
assets
|
389,615
|
|
360,291
|
|
1,154,926
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
7,527
|
|
23,674
|
|
-
|
Accounts
payable
|
23,662
|
|
29,169
|
|
23,422
|
Advances from
customers-current
|
213
|
|
754
|
|
20,633
|
Amounts due to
related parties
|
31,725
|
|
60,217
|
|
3,257
|
Other current
liabilities
|
40,589
|
|
37,616
|
|
4,089
|
Income tax
payable
|
147
|
|
209
|
|
94
|
Salary
payable
|
800
|
|
849
|
|
-
|
Liabilities of
discontinued operations current
|
-
|
|
-
|
|
973,943
|
Total
current liabilities
|
104,663
|
|
152,488
|
|
1,025,438
|
|
|
|
|
|
|
Long-term
borrowings
|
72,742
|
|
32,722
|
|
30,328
|
Deferred
project revenue non-current
|
-
|
|
-
|
|
33,305
|
Failed
sale-lease back and capital lease
liabilities
|
85,021
|
|
78,246
|
|
156
|
Liabilities of
discontinued operations non current
|
-
|
|
-
|
|
50,954
|
Total
liabilities
|
262,426
|
|
263,456
|
|
1,140,181
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
Common
shares
|
519,226
|
|
519,226
|
|
476,658
|
Additional paid-in capital
|
8,710
|
|
9,099
|
|
8,569
|
Accumulated
deficit
|
(429,898)
|
|
(429,207)
|
|
(524,665)
|
Accumulated other comprehensive income
|
(2,851)
|
|
(2,313)
|
|
53,385
|
Total equity
attributed to ReneSola Ltd
|
95,187
|
|
96,805
|
|
13,947
|
Noncontrolling interest
|
32,002
|
|
30
|
|
798
|
Total
shareholders' equity
|
127,189
|
|
96,835
|
|
14,745
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
389,615
|
|
360,291
|
|
1,154,926
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollars in
thousands, except ADS and share data)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun 30,
2018
|
|
Mar 31,
2018
|
|
Jun 30,
2017
|
|
Jun 30,
2018
|
|
Jun 30,
2017
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
27,809
|
|
44,758
|
|
1,633
|
|
72,567
|
|
1,871
|
Total net
revenues
|
27,809
|
|
44,758
|
|
1,633
|
|
72,567
|
|
1,871
|
Cost of
revenues
|
(19,598)
|
|
(36,379)
|
|
(491)
|
|
(55,977)
|
|
(940)
|
Gross
profit(loss)
|
8,211
|
|
8,379
|
|
1,142
|
|
16,590
|
|
931
|
|
|
|
|
|
|
|
|
|
|
Operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
(173)
|
|
(128)
|
|
(402)
|
|
(301)
|
|
(492)
|
General and
administrative
|
(2,680)
|
|
(2,421)
|
|
(1,450)
|
|
(5,101)
|
|
(2,627)
|
Other operating
income
|
544
|
|
30
|
|
1
|
|
574
|
|
8
|
Total
operating expenses
|
(2,309)
|
|
(2,519)
|
|
(1,851)
|
|
(4,828)
|
|
(3,111)
|
|
|
|
|
|
|
|
|
|
|
Income(loss)
from operations
|
5,902
|
|
5,860
|
|
(709)
|
|
11,762
|
|
(2,180)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
43
|
|
6
|
|
12
|
|
49
|
|
32
|
Interest
expense
|
(2,623)
|
|
(1,519)
|
|
(825)
|
|
(4,142)
|
|
(1,694)
|
Foreign
exchange gains (losses)
|
(2,900)
|
|
1,102
|
|
2,284
|
|
(1,798)
|
|
1,399
|
Income
(loss) before income tax, noncontrolling
interests
|
422
|
|
5,449
|
|
762
|
|
5,871
|
|
(2,443)
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
(1)
|
|
(9)
|
|
(9)
|
|
(10)
|
|
(30)
|
Net income
(loss) from continuing operations
|
421
|
|
5,440
|
|
753
|
|
5,861
|
|
(2,473)
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations
|
-
|
|
-
|
|
(32,212)
|
|
-
|
|
(52,226)
|
|
|
|
|
|
|
|
|
|
|
Net
Income(loss)
|
421
|
|
5,440
|
|
(31,459)
|
|
5,861
|
|
(54,699)
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributed to noncontrolling
interests
|
1,112
|
|
(1)
|
|
(9)
|
|
1,111
|
|
(9)
|
Net income
(loss) attributed to holders of ordinary
shares
|
(691)
|
|
5,441
|
|
(31,450)
|
|
4,750
|
|
(54,690)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share from continuing operations
|
|
|
|
|
|
|
|
|
|
Basic
|
0.00
|
|
0.01
|
|
0.00
|
|
0.02
|
|
(0.01)
|
Diluted
|
0.00
|
|
0.01
|
|
0.00
|
|
0.02
|
|
(0.01)
|
Income (loss)
per share from discontinued operations
|
|
|
|
|
|
|
|
|
|
Basic
|
-
|
|
-
|
|
(0.16)
|
|
-
|
|
(0.26)
|
Diluted
|
-
|
|
-
|
|
(0.16)
|
|
-
|
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing loss per
share
|
|
|
|
|
|
|
|
|
Basic
|
380,679,598
|
|
380,678,902
|
|
200,538,902
|
|
380,679,598
|
|
200,538,902
|
Diluted
|
380,679,598
|
|
380,818,902
|
|
200,538,902
|
|
380,679,598
|
|
200,538,902
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/renesola-announces-second-quarter-2018-results-300707868.html
SOURCE ReneSola Ltd.