Goldwind profits up fivefold

CHINA: Goldwind made a net profit of CNY 1.2 billion ($196 million) in the first three quarters of 2014, up five times on the figure for the same period last year.

Goldwind's range includes a 2.5MW turbine
Goldwind's range includes a 2.5MW turbine

Third quarter net profit was CNY 849 million, up 800%. The firm's revenues for January through September came in at CNY 10.62 billion, up 49%.

The growth came largely from increases in the sale of turbines. But this growth may not be sustained at the same rate. Developers in the country are racing to install turbines in anticipation of probable cut in onshore wind feed-in-tariff rates at the end of June.

But the company forecast a growth between 300% and 350% for the whole year. In addition to increased revenue, the growth was also attributed to the control of costs and transfer of some assets and liabilities to subsidiary companies. 

Latest statistics released by the National Energy Administration showed China added 8.58GW of wind capacity to its power grid over the period, bringing the total to 84.97GW. 

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