Oct 24, 2013 - Chinese wind turbine maker Sinovel Wind Group Ltd (SHA:601558) saw its net loss expand to CNY 699 million (USD 115m/EUR 83m) for the January-September period of 2013 from CNY 269 million a year ago.
The company said today in a statement that its performance for the first three quarters of this year had been affected by prolonged payments by customers which resulted in more bad-debt provisions and higher financial costs.
Revenues for the period stood at CNY 2 billion, down 45% year-on-year. Sinovel also received fewer orders.
Earlier this month, Chinese financial information provider AAStocks on Wednesday cited knowledgeable sources as saying that the wind power business for 2013 of Xinjiang Goldwind Science & Technology (SHE:002202), a peer of Sinovel, would hit 3,000 MW. At the time, AAStocks also quoted insiders at Sinovel as saying that its shipments in the July-September quarter would amount to some 300 MW.
Goldwind's report for the first nine months of 2013 is to be published tomorrow.