Goldwind's Q1 net profit zooms 291.5% Y/Y

Goldwind 2.5-MW wind turbine.

Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) on Tuesday reported a 291.46% year-on-year surge in first-quarter net profit as increased sales volumes boosted revenues.

The company closed the January-March quarter with a net profit attributable to shareholders of CNY 894.9 million (USD 126.5m/EUR 116.4m) and revenues of CNY 5.47 billion, which went up by 1.33% in annual terms. It managed to sell 847.6 MW of wind turbines during this period, of which 402.5 MW were for machines from its 2.5S platform.

More details about Goldwind’s Q1 financial results are available in the table.

Results in CNY million	Q1 2020	Q1 2019
Revenue from operations	5,467.3	5,395.7
Total operating costs	5,645.7	5,281.7
Operating profit	1,009.5	259.4
Net profit to shareholders	894.9	228.6
Net profit to shareholders after deducting non-recurring gains and losses	771.7	187.7
Net cash flows from operating activities	227.3	(2,103.9)

The Chinese firm booked 16,826.25 MW in turbine orders from external clients, including 7,718.7 MW for its 2.5-MW units and 4,108.05 MW for the 3S machines. Separately, it had 3,334.7 MW of unsigned orders, which lifted total external orders volume to 20,160.95 MW. Internal orders, meanwhile, amounted to 598.83 MW.

During the past year, Goldwind installed 8.25 GW globally for a market share of 14%, according to data by BloombergNEF.

(CNY 1.0 = USD 0.141/EUR 0.130)

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