Goldwind's net profit declines 23.6% in Q3

Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) on Friday reported a net profit attributable to owners of the parent company of CNY 889 million (USD 127.7m/EUR 112.3m) for the third quarter of 2018, down 23.6% year-on-year.

Excluding one-off gains and losses, net profit showed a decline of 16.7% to CNY 875.7 million. Operating income decreased 5.3% to CNY 6.79 billion.

The figures for the first nine months of the year still showed an improvement. Net profit was up 5.35% to CNY 2.42 billion, growing 7.3% to CNY 2.3 billion when one-offs are excluded. Operating income increased 4.76% to CNY 17.82 billion.

Net cash flow from operating activities grew 209% in the third quarter to CNY 1.63 billion and improved 2.67% to negative CNY 1.05 billion in the nine-month period.

At the end of September, the company had an order backlog of 18,212.8 MW, including 5,249.6 MW of projects, for which it has won bids but has not yet signed contracts.

Goldwind expects its full-year net profit attributable to owners of the company to increase by between 0% and 50% to between CNY 3.05 billion and CNY 4.58 billion, mainly due to increased capacity of its wind farms.

(CNY 1 = USD 0.144/EUR 0.126)

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