Goldwind announces 426% Q1 profit rise

CHINA: Chinese wind turbine maker Goldwind has increased its Q1 net profits by 426% year on year, against an overall downturn in the country's wind power industry.

The nacelle for the 6MW Goldwind turbine
The nacelle for the 6MW Goldwind turbine

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In the first three months, Goldwind posted a net profit of CNY 32 million ($5 million). Goldwind vice-president Ma Jinru said the surge was attributed to the company’s efforts to enhance cost control and marked growth of gross margins.

The high growth rate was also due to the small base number in the same period of last year. In Q1 2012, Goldwind's profits fell 97% to CNY 6.2 million ($980,000).

During the Q1 2013 period, operating revenue amounted to CNY 951 million, down 44% year on year. Ma said the drop was the result of a poor market environment.

Ma estimated that in the first six months, Goldwind would maintain a slight increase in net profits of 0-50%, largely due to cost management.

As of 31 March, Goldwind has a pipeline of 4,576MW in orders. They were separated into 6MW of 750kW turbines, 3,451.5MW of 1.5MW turbines, 1,097.5MW of 2.5MW turbines, and 21MW of 3MW machines. It included 404MW from overseas buyers.

Ma said Goldwind also had conditional orders for 3,078.5MW turbines. These comprised 2,463MW of 1.5MW turbines, 612.5MW of 2.5MW machines and one 3MW turbine.

Goldwind chairman Wu Gang said that in 2013, the company expects to enhance cooperation with overseas companies and tailor-make more turbines for domestic and foreign turbine buyers.

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