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Ming Yang loss despite revenue climb

CHINA: Ming Yang slipped into a loss in the third quarter despite a significant increase in revenue.

The 1.5MW turbine is still Ming Yang's best selling model
The 1.5MW turbine is still Ming Yang's best selling model

The turbine manufacturer made a total loss of CNY 71.3 million ($11.7 million), compared with a profit of CNY 4.9 million in Q3 2012.

But there was a 22% leap in sales to CNY 961 million and a 27% increase in the total capacity of turbines sold to 290MW.

Ming Yang explained that the loss was due to higher selling and distribution expenses such as transportation costs, the company said.

The company's cash is also depleted, down to CNY 604.3 million on 30 September, compared with CNY 1.2 billion as of 30 June. The decrease was primarily due to repayments of short-term bank borrowings during the quarter.

The increase in revenue in the third quarter was largely the result of the commissioning of 43 units of the company's 2MW turbine, compared with none in the corresponding period in 2012.

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