China Ming Yang turns to profit in Q2 2014

Aug 25, 2014 - China Ming Yang Wind Power Group Ltd (NYSE:MY) said Monday it has booked a net profit of CNY 11.8 million (USD 2m/EUR 1.5m) for the second quarter of 2014, against a loss of CNY 87.4 million a year back.

The wind turbine maker’s net profit attributable to stockholders was CNY 13.6 million, versus a loss of CNY 69.2 million in the same period of 2013. Basic and diluted earnings per share turned positive at CNY 0.11 after a loss per share of CNY 0.51 a year ago.

Gross margin grew to 13.2% from 12.3%, due to the higher number of commissioned units of 2-MW wind turbine generators (WTGs) during the period, the company explained.

Mung Yang’s consolidated revenues for the second quarter of 2014 surged by 74.1% year-on-year to CNY 935.6 million, as the volume of installed turbines nearly doubled. In total, the company recognised revenues for 303.5 MW of commissioned WTGs, including 153 units of 1.5-MW and 37 pieces of 2-MW machines.

Between April and June the manufacturer struck orders for 617 MW of turbines. Ming Yang's order backlog at the end of the quarter stood at 3.6 GW.

(CNY 1 = USD 0.163/EUR 0.123)

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