Goldwind records 93% profit fall

CHINA: Goldwind has announced a a CNY38.5 million ($6.1 million) profits for the first nine months of the year, a 93% fall compared to the same period in 2011.

Gross revenues amounted to CNY5.95 billion yuan in the first nine months, down 36.88%.

Goldwind blamed the fall on reduced turbine sales and falling prices, caused by market conditions and China's national industrial policy.

Ma Jinru, vice-president of Goldwind, said however that Goldwind managed to raise the gross profits quarter by quarter in the first nine months. The gross profits maintained to grow about 16.5% in the second and third quarters.

Additionally, Goldwind’s gross liabilities reduced by CNY 170 million. The company had over CNY 5 billion cash as of the end of September.

Goldwind estimates that in 2012, it will make a net profit, which however is to go down 50% to 100% from the previous year. In 2011, Goldwind made a net profit of CNY 607 million.

Wu Gang, chairman of Goldwind, said that to maintain competitiveness, Goldwind has actively and prudently promoted development of 6MW and 10MW offshore wind turbines, and pushed forward turbines for low wind speed and ultra-low wind speed areas.

Sources close to Goldwind say that the company has completed designing the 6MW direct drive permanent magnetic offshore wind turbine. It is assembling a prototype.

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