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Wind-friendly China boosts Ming Yang Q1

CHINA: Ming Yang has reported revenues of CNY 1.33 billion ($215.3 million) in Q1, buoyed by pro-wind legislation in China, the company has said.

Ming Yang has reported revenues of CNY 1.33 billion ($215.3 million) in Q1
Ming Yang has reported revenues of CNY 1.33 billion ($215.3 million) in Q1

Revenue was up 9% from CNY 1.22 billion in the same period of 2014. The company said it sold the equivalent of 406MW in turbines in the quarter.

Ming Yang CEO Chuanwei Zhang said: "Driven by a series of positive policies in China to promote the wind energy sector, demand for wind turbine products has been increasing recently."

This month, China's National Energy Administration (NEA) released a list of new wind projects totalling 34GW in capacity that await its final approval. The NEA also issued a set of guidelines to combat grid curtailment in April.

Ming Yang's gross profit fell slightly from CNY 192 million in 2014 to CNY 189.1 million this quarter. The manufacturer said the gross profit margin had slipped from 15.7% to 14.2%.

Zhang also said the company was moving towards becoming a "technology-driven, service-centric" business.

This quarter, Ming Yang acquired turbine systems provider RENergy for $149 million.

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