China Ming Yang Wind Power turns profitable in Q3 2010
(ADPnews) - Nov 17, 2010 - Wind turbine maker China Ming Yang Wind Power Group (NYSE:MY) this year turned to a third-quarter net profit of CNY 177.4 million (USD 26.7m/EUR 19.6m) from a loss of CNY 48.6 million booked for the same period in 2009.
Operating profit came to CNY 177.2 million from a loss of CNY 25.9 million, the company said on Monday.
Revenue grew 543% on the year to CNY 1.48 billion, driven by a surge in the 1.5-MW turbine sales volume to 239 units from 29 units a year ago.
The company's order backlog as of September 30 stood at 1,331 wind turbines, including deals for 272 units landed in the third quarter. Besides, the company has orders awarded and yet to be inked for a total of 363 units.
The company expects a full-year sales volume of 800 units of 1.5 MW turbines. In 2011, it projects to sell 1,400 units of its 1.5 MW turbines and 100 units of its 3 MW turbines.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.