February 22 (Renewables Now) - Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) today reported preliminary financial results for 2018 that fall within its forecast range, including a 14.33% year-on-year rise in revenues.
Goldwind posted a 5.3% increase in attributable net profits to about CNY 3.22 billion (USD 479m/EUR 422m) on total operating revenues of CNY 28.73 billion compared to CNY 25.13 billion in 2017. Operating profits went up by 5.64% to CNY 3.71 billion.
The company explained the rise in its top line with the fact that wind turbine sales volumes, the capacity of operating wind farms and total power generation all increased during the 12-month period. Moreover, it said that the situation of curtailment of wind power has improved.
Goldwind noted that it had to increase its input of products research and financing in order to respond to policy changes, which in turn had a certain impact on its net profit growth range.
(CNY 1.0 = USD 0.149/EUR 0.131)