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China

China

Goldwind optimistic despite profit drop

CHINA: Chinese turbine manufacturer Goldwind has announced a plunge in net profits of 60 per cent to 615 million yuan ($97 million) for the first three quarters of the year compared to the same period last year.

Goldwind...profit drop
Goldwind...profit drop
In results announced today, the group said it saw revenues decline by 13.5 per cent during the period to 9.42 billion yuan ($1.48 billion).

The company attributed the falls primarily to a lower average selling price compared with the same last year.

However, Wu Gang, chairman and chief executive of Goldwind, said that, despite "challenging" conditions, the outlook was bright.

He said: "In 2011, new regulatory standards have led the industry into a transitional period that will ultimately support a more healthy and orderly development over the long-term."

He said that the company had begun mass production of low wind speed and high altitude turbines, which would provide an opportunity for penetration into new regions.

The company also announced that net profit margins remained healthy at 18.6% for the nine months ended 30 September 2011.

In a statement, it said that at the start of the reporting period, it had a total of 3,581MW of outstanding orders, representing an increase of 8% compared to last year.

It reported total sales of 79.5MW of wind turbine generators to projects in Europe, the US and Ethiopia during the first three quarters, with another 151.5MW of international orders as of 30 September.

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