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China drags on AMSC results

UNITED STATES: Lower revenues from its wind division meant AMSC posted an increase in its loss for the first quarter of the financial year.

AMSC has recently launched a new low-wind 2MW turbine
AMSC has recently launched a new low-wind 2MW turbine

The American electronics firm said that its wind business was hit by a drop off in sales in China, resulting in a halving of revenue for the whole division to $7.7 million.

This meant that the wind business made an operating loss of $3.5 million, up from $1.8 million a year before.

The company's poor performance in China was illustrated by examing business won from wind developer Beijing Jingcheng New Energy (BJNE). In the first quarter of 2013, BJNE accounted for 35% of AMSC's total revenues, but during the latest quarter it provided less than 10% of revenues.

By contrast, Indian turbine manufacturer Inox Wind upped its contribution from 15% to 48%.In June,  two companies struck a further $40-million deal for the supply of turbine control systems.

In July, AMSC launched a new 2MW turbine, with a 113-metre rotor, designed for low wind speed conditions and based on the turbine licenced to Inox.

Overall, the company saw its revenues fall from $23.1 million from $11.7 million previously. Despite a fall in costs, its operating loss hit $12.7 million from $8.9 million.

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