Sinovel Wind, Goldwind Decline in Q3
SHANGHAI, Nov 22, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --Sinovel Wind Group Co., Ltd. (shse:601558), Xinjiang Goldwind Science & Technology Co., Ltd. (shse:002202)(sehk:02208), and China Ming Yang Wind Power Group Limited MY all incurred a decline in the third quarter of 2012.
They are among China's largest wind power generation equipment manufacturers.
From September to July, Ming Yang Wind Power reaped operating revenue of CNY 787.8 million, falling by 58.6 percent from a year earlier. Its net profit dropped by 94.4 percent year on year and gross profit by 55.1 percent.
Goldwind lost CNY 32.4388 million in net in the third quarter of this year. Last year, its net profit attributable to shareholders of the listed company declined by 73.5 percent to CNY 607 million and earnings per share decreased 76.77 percent to CNY 0.23, in accordance with Chinese accounting principles.
Executives ascribed the profit decline to industry growth slowdown and market sales price decrease in 2011. In addition, the company brought in CNY 12.87 billion operating revenue, stepping down by 26.85 percent year on year; its operating profit and total profit were CNY 698 million and CNY 864 million, falling by 74.06 percent and 69.12 percent over a year earlier respectively.
Sinovel got operating revenue of only CNY 3.634 billion and lost CNY 255 million in the first three quarters of 2011. It is the first loss the company has incurred in the latest four years.
In the third quarter alone, it recorded CNY 280 million net losses attributable to equity owners of its parent company, compared with CNY 242 million profits in the corresponding period of last year.
It brought in CNY 3.63 billion operating revenues, falling by 56.68 percent from a quarter earlier, as industry regulation policies and fierce competitions pulled down sales volume and sales prices.
In the first half of 2012, Sinovel harvested operating revenue of CNY 3.086 billion, declining by 42.04 percent year on year. Net profit stood at CNY 24.6689 million, plummeting by 96.25 percent. Earnings per share hit CNY 0.01.
The slowing global economic growth affected the overall investment in the wind power industry, the strict control over power grids had an impact on the proceeds of wind farms, and policy adjustment led to slowing and downsizing wind farm construction, explained the company.
Last year, Sinovel said that its operating revenue went down by 48.66 percent on a yearly basis to CNY 10.44 billion. Net profit attributable to the shareholders of the listed company came to CNY 776 million, diving by 72.84 percent year on year, disclosed previous reports.
(USD 1 = CNY 6.23)
Source: www.nf.nfdaily.cn (November 22, 2012)
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