China WindPower's net profit plunges 89.5% Y/Y in H1 2012

Aug 27, 2012 - China Windpower Group Ltd (HKG:0182) on Friday reported a 89.5% year-on-year drop in its first-half net profit to HKD 24.8 million (USD 3.2m/EUR 2.6m).

Diluted earnings per share dipped to HKD 0.0034 in the six months to June from HKD 0.0318 in the corresponding period in 2011.

The sharp drop in profit mainly reflected a significant decline in profit from power generation due to lower wind speed and heavy grid curtailment in northern China as well as fewer engineering, procurement and construction (EPC) projects during the period, according to the statement.

Consolidated revenue at China Windpower, which makes tower tube equipment, operates wind power plants and invests in wind power projects, climbed 55.6% on the year to HKD 401.8 million on the back of the strong performance of its equipment procurement business.

Output of the company's power plants declined 7.7% on the year to 951.46 million kWh in the first half, with wind power accounting for 922.35 million kWh of the total and solar power for the remaining 29.11 million kWh. China Windpower had a total installed power generation capacity of 1,457 MW at the end of June 2012.

(HKD 10.0 = USD 1.289/EUR 1.031)

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