China

China

Goldwind profits leap 57% in Q1

CHINA: Goldwind has boosted its Q1 profits by 57% in the first quarter following a surge in sales in the Chinese market.

The company, which is China's top turbine manufacturer and number two in the world, made a net profit of CNY 50 million ($8.1 million). Additionally, revenue climbed 51% on the same period last year to CNY 1.43 billion.

The company also announced it is planning to issue up to CNY 5 billion in bonds, with a maturity of no more than five years. The money will be used to "meet production and operational demand" and to lower the company's financing costs.

Goldwind's need to take this move is highlighted in the quarterly report, which shows cash reserves on 31 March of CNY 2.4 billion.

This represents a decrease of 46% compared with 31 December. Goldwind said it was due to "increased purchasing expenses for raw materials and payment of matured bank acceptance bills".

Goldwind's current order pipeline is 4.3GW on 31 March, compared on 4.6GW at the same time last year.

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