Ming Yang doubles profit in Q2

CHINA: The strong start to the year by Chinese turbine manufacturers continued with Ming Yang doubling its profit in the second quarter.

Ming Yang's 1.5MW turbine remains its most installed
Ming Yang's 1.5MW turbine remains its most installed

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The company managed to increase its revenue by 74% to CNY 926 million ($150 million), compared with CNY 537 million at the same time last year.

This, along with a 0.9 percentage point increase in margin, led to a doubling of gross profit to CNY 124 million.

Ming Yang commissioned turbines with a capacity of 304MW over the period, an increase of 89%. The majority of the turbines brought online were within its 1.5MW range, but the number of 2MW turbines installed increased by 184% to 37.

The improvement in margin to 13.2% was largely due to this shift towards the production of more 2MW turbines, the company said.

During the quarter, Ming Yang entered into sales contracts to supply turbines with a capacity of 617MW. This included 166 1.5MW machines and 184 of its 2MW turbines, and compares with 396MW ordered in Q2 2013.

As such, the order backlog came in at 3.6GW at the end of the period, compared with 2.4GW a year before.

Earlier in August, Goldwind reported revenue for the first half of CNY 4.4 billion ($720 million), an increase of 38% on the same period last year. On the back of this, the Chinese manufacturer pushed its operating profit up 244% to CNY 378 million.

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