Ensuing the Chinese solar panel maker reaching deals with lenders to adjust loan agreements thereafter it defaulted on 1.76 billion Yuan ($267 million) in debts in April as shares of Yingli Green Energy (YGE) are escalating. They have gone up by over 6% due to hefty trading volume rate this morning.

For the first time since the third quarter of 2011, the company based upon preliminary data, estimates that its net income for the first quarter of 2016 turned into positive, with an estimated net margin of 2.5% to 4.5%. The Company estimates that its PV module shipments in the first quarter of 2016 were in the range of 500-510MW, which were at the high end of its previous guidance of 480 MW to 510 MW.

“We are glad to announce that we achieved profitability in the first quarter of 2016, which was our first profitable quarter since the third quarter of 2011. Our gross profit was RMB469.3 million in the first quarter, increased approximately 90% quarter over quarter, representing a gross margin of 20.0%, up from 11.8% in the fourth quarter of 2015. Our income from operations and net income reached RMB186.4 million and RMB79.6 million, respectively, in the first quarter while we had loss from operations and net loss in the previous quarter. By now, we have cumulatively shipped over 15GW of PV modules across the world, marking an important milestone in our development,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

Additionally, due to the higher average selling price of the Company’s PV modules compared to the fourth quarter of 2015 mainlyby virtue of greater magnitude of shipments to Japan, where the selling price of PV module is broadly higher considering other markets, the company further estimates that its overall gross margin in the first quarter of 2016 was in the range of 18.5% to 20.5%, representing a momentous upturn from the fourth quarter of 2015.

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The Company sells PV modules under its own brand names Yingli and Yingli Solar to PV system integrators and distributors located in various markets around the world including China, Japan, the United States, the United Kingdom, Algeria, India, Germany, France, South Africa, Israel, Turkey, the Netherlands Honduras, and Brazil. Japan accounted for 40% of that.

Total PV module shipments were 508.1 MW in the first quarter of 2016, compared to 504.5MW in the fourth quarter of 2015 and 754.2MW in the first quarter of 2015. TSL reported earnings of 29 cents per ADS in the first quarter of 2016. The stock has a 50 day moving average of $3.81 and a 200 day moving average of $4.51.

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Yingli Green Energy Holding Company Limited  known as “Yingli” or “Yingli Solar”, is one of the world’s leading solar panel manufacturers. Yingli’s manufacturing covers the photovoltaic value chain from ingot casting through solar cell production and solar panel assembly. Headquartered in Baoding, China, Yingli has more than 30 regional subsidiaries and branch offices and has distributed more than 15GW solar panels to customers worldwide.