Goldwind announces 50% profit fall for 2012 Q1

CHINA: Goldwind is expecting over 50% drop in net profits in the first three months of 2012, according to its 2011 annual report.

The high-altitude version of Goldwind's 1.5MW turbine
The high-altitude version of Goldwind's 1.5MW turbine

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The poor figures were blamed on slow growth in Chinese wind farm construction, and dropping turbine prices from intensified market competition. The same reasons that led to a 74% fall in profits for 2011.

In 2011, Goldwind had an operating profit of CNY 697.8 million, down 74.06%. And CNY 717.98 million net profit, down 69.88%. Over the same period Goldwind sold 3.1GW turbines, down 22.49 percent year-on-year. The turbines and components were sold for CNY 12.3 billion, down 28.17% on 2010.

The announcement comes despite last week's news from the China Wind Energy Association that Goldwind has overtaken Sinovel to become the country's largest wind manufacturer in terms of installations.

In 2011, Goldwind had 3.6GW wind turbines installed in China, taking up 20.4% of the Chinese market share, the largest in the country. It also installed 111MW turbines outside China.

Goldwind said it has been launching and working on new products during 2011, foremost is a 6MW offshore turbine. It said it has completed testing key components in 2011, and expects to produce a prototype in the first half of 2012.

The company has also produced a high-altitude version of its 1.5MW turbine. It has also gone into serial production with its 2.5MW turbine.

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