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Goldwind announces 390% profit increase in Q1

CHINA: Goldwind has announced net profits of around CNY 249 million ($40 million) in the first quarter of 2015, up 390% on the same period of last year.

Goldwind's 2.5MW turbine
Goldwind's 2.5MW turbine

The growth was attributed to increased wind turbine deliveries and growth in capacity of wind farms it owns or operates.

In the same period Goldwind's total revenue went up 78% to CNY2.55 billion. The results haven't yet been audited.

The firm forecast operating results in the first half of this year to grow between 200% and 250% on the same period of 2014. Goldwind recorded net profits of CNY 1.83 billion in 2014, up 328% on the preceding year.

Thanks to a buoyant Chinese market, Goldwind's backlog of orders continued to expand to a record 12.63GW at the end of March. This included 465.5MW of overseas orders.

Statistics released by the Chinese Wind Energy Association show Goldwind installed a total of 4.43GW wind turbines in China in 2014, accounting for 19.1% of the domestic market.

In addition, it exported 223.25MW of wind turbines last year, to France and Panama.

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