Ming Yang profits double to $39.7 million in Q2

CHINA: Turbine manufacturer Ming Yang has reported a strong second quarter of 2015 with gross profit doubling year-on-year from CNY 123.5 million ($19.3 million) to CNY 245.9 million ($38.4 million).

Ming Yang gross profit doubled year-on-year in Q2 2015
Ming Yang gross profit doubled year-on-year in Q2 2015

Revenue also increased to CNY 1.56 billion, up from CNY 935.6 million, in the company's unaudited results.

Ming Yang put the increases down to more turbines being commissioned and a 5.1% increase in average turbine selling price compared with Q2 2014.

"The wind energy sector has enormous growth potential over the next five years," said Ming Yang CEO Chuanwei Zhang. "China's long-term goal is to generate 20% of its primary energy consumption using non-fossil fuels, which will bring new opportunities for the wind energy sector."

During Q2, Ming Yang was awarded contracts with a total 647.5MW, the firm said. The company's order backlog at the end of June 2015 stood at 3.73GW.

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