Goldwind posts slight increase in 2017 net profit

Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) today reported a 1.72% rise in 2017 net profit, in spite of a decline in revenues.

Net profit attributable to the parent company climbed to CNY 3.05 billion (USD 483m/EUR 391m), while pre-tax profit declined slightly to CNY 3.49 billion from CNY 3.55 billion in 2016.

Operating revenue slipped 4.6% to CNY 25 billion, with revenue from wind turbine sales showing a sharper fall of 13.11% to CNY 19.35 billion. The volume of external sales was down 13.62% to 5,081.5 MW against the backdrop of a slowdown of installations in China, the world's largest wind market.

Goldwind cited Bloomberg New Energy Finance (BNEF) data, according to which it was the largest wind turbine manufacturer in China for the seventh consecutive year with more than 5.3 GW of newly-installed capacity in the country in 2017 and a market share of 29%. Goldwind was third worldwide for wind power market share.

Goldwind's top line in 2017 was aided by increased revenues from engineering, procurement and construction (EPC) services and power generation.

The company said its backlog increased steadily over the year. At the end of the period its backlog of orders under contract stood at 9,353.45 MW.

Details on revenue and pre-tax profit by business segment are in the table.

(CNY 1 = USD 0.158/EUR 0.128)

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