Goldwind's 9-mo net profit surges by 536% Y/Y

Oct 29, 2014 - Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) said today its net profit for the first three quarters of 2014 has soared by 535.78% on the year to CNY 1.19 billion (USD 195m/EUR 153m).

The company’s profit met its predictions from end-August, when it projected a result in the range of CNY 1.13 billion to CNY 1.22 billion, helped by the recovery of the wind power industry in China. For the full year, Goldwind forecasts 300-350% higher profits, compared to the CNY-427.6-million result for 2013.

Goldwind's nine-month revenue jumped by 49.18% to CNY 10.62 billion. The company explained the increase with higher revenues from both sales of wind turbine generators (WTGs) and from its downstream segment during the reporting period.

As at end-September, the group’s order backlog amounted to 4,831 MW, excluding 4,096.5 MW of orders awaiting final contracts. The company offers 750-kW, 1.5-MW, 2-MW, 2.5-MW and 3-MW direct-drive permanent magnet (DDPM) WTGs.

For the third quarter alone, Goldwind’s net profit ballooned 807.2% to CNY 864.2 million, as the company saw its revenues climb 58.78% year-on-year to CNY 6.15 billion.

(CNY 1.0 = USD 0.164/EUR 0.128)

Choose your newsletter by Renewables Now. Join for free!