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China

Lower margins force Goldwind profits down

CHINA: Leading Chinese OEM Goldwind has reported a 1% fall in net profits over the first nine months of 2017, but recorded strong third quarter results.

Goldwind's order backlog totals 15.4GW, the firm said
Goldwind's order backlog totals 15.4GW, the firm said

In its nine-month financial results, Goldwind saw revenues total CNY 17 billion ($2.56 billion), an increase of 0.2% year on year. The increase was helped by improved power generation, the company said.

However, the company's gross profit for the period fell 1% from CNY 5.19 billion ($782 million) to CNY 5.13 billion ($773 million).

The drop was down to lower gross margins in turbine manufacturing and its enginerring, procurement and construction business.

Goldwind's third quarter figures show the company is bouncing back after a tricky first half of the year.

Revenue jumped 18.6% to CNY 7.17 billion ($1.1 billion) to the three months to the end of September, while the gross profit also grew by 9.2% to CNY 1.96 billion ($295 million) from CNY 1.8 billion ($271 million) a year ago.

Goldwind's current order backlog totals 15.4GW, with 61% of that for its 2.X platform.

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