GC China cuts net loss in Q3 2010, aims at European market

(ADPnews) - Nov 17, 2010 - Chinese twin-blade wind turbine maker GC China Turbine Corp (OTC:GCHT) trimmed its net loss to USD 63,900 (EUR 47,000) in the third quarter of 2010 from USD 1.3 million a year before and said it will expand in Europe before the end of the year.

Loss per share came close to zero, compared with USD 0.04 a year ago.

Third-quarter revenue grew to USD 4.1 million from USD 2.4 million. The company sold a total of seven turbines during the period, compared with three a year earlier. Shipments of another 23 turbines were delayed "due to lack of a full preparation for taking delivery by a customer in the period." The delivery will be completed and booked in the fourth quarter of 2010, GC China said.

In the nine months through September, the company swung to a net profit of USD 3.5 million from a loss of USD 1.7 million during the same period in 2009.

Revenues jumped to USD 27.1 million from USD 2.4 million, as GC China sold 47 turbines, 44 more than a year ago. It plans to ship a total of 100 turbines this year, including the delayed delivery.

The company affirmed its earlier forecast of full-year revenues for 2010 reaching USD 58 million, with a net profit of USD 8.2 million. It said it expects to deliver around 150 to 200 turbines in 2011.

In addition, the company announced it is well on the way to launch on the market 1.1-MW, 2.5-MW and 3-MW turbines in 2011, currently being developed in its R&D centre in Stockholm.

(USD 1.0 = EUR 0.735)

Choose your newsletter by Renewables Now. Join for free!