Goldwind books lower H1 net profit, revenues grow

Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) has generated increased revenues in the first half of 2019 but still saw its net profit drop by 22.58% in annual terms.

Net profit attributable to owners of the parent company amounted to CNY 1.18 billion (USD 165.1m/EUR 148.1m), down from CNY 1.53 billion a year before. The decrease came in spite of the 43.2% jump in revenue, which Goldwind attributed to “the steady development of China's wind power industry,” increased wind power services revenue and revenue from generation activities.

The table below contains more details about Goldwind’s performance in the first half (H1) of 2019.

During the six months, the Chinese firm sold 3,190.75 MW of wind turbines, or 52.38% more than in the year-ago period. Its order backlog at the end of June totalled 14,792.92 MW, including 6,742.5 MW of 2.5S-platform units and 5,831.6 MW of the 2S-platform machines. The external order backlog amounted to 6,404.25 MW.

Goldwind is pursuing a so-called “Two Seas” strategy through which it seeks to actively develop offshore wind power, expand overseas and promote the overseas development of its core business. At the end of June, its cumulative attributable self-owned grid-connected wind capacity was 4,422 MW.

(CNY 1.0 = USD 0.140/EUR 0.125)

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