Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

China

China

Sinovel bonds suspended on second yearly loss

CHINA: Trading of Sinovel bonds have been suspended on the Shanghai Stock Exchange after the company reported a loss for the second consecutive year.

Sinovel has developed a 6MW turbine
Sinovel has developed a 6MW turbine

The Chinese manufacturer posted a loss of CNY 3.45 billion ($551 million) in 2013, up from CNY 583 million the year before.

However, the company did report a surprise upturn in first quarter of 2014, making a narrower loss of CNY 171.2 million in the first quarter, compared with a CNY 248.5 million loss a year earlier. Revenue climbed to almost double at CNY 1.44 billion.

But this is measured against an already low base, with the company reporting a 58% fall in revenue in 2012.

Trading in the company's bonds were suspended for seven days as the stock exchange decides whether to remove them from trading due to rules concerning losses over consecutive years.

The stock exchange will also look at whether it should delist the company's shares from trading.

The annual report said Sinovel received 303MW of new orders in 2013. Sinovel president Liu Zhengqi told the media installation of wind turbines is expected to reach 200MW this year.

Sinovel has more than financial woes to concern itself with. It is being investigated by the China Securities Regulatory Commission, the country's security market watchdog, for alleged breaches of security market regulations related to accounting errors contained in its 2011 annual report.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Search more than 4,500 companies in the Windpower Directory

Latest Jobs