Goldwind's Q3 net profit drops 54.3% Y/Y

October 31 (Renewables Now) - Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) closed the third quarter of 2019 with a 32.7% year-on-year increase in revenues but still registered a 54.3% drop in net profit.

Net profit attributable to owners of the parent company amounted to CNY 406.3 million (USD 57.6m/EUR 51.8m), down from CNY 889.04 million a year before when the result benefitted from investment income of CNY 518.5 million. Basic and diluted earnings per share stood at CNY 0.0933 last quarter, down from CNY 0.2281 in July-September 2018, the company's report shows.

Revenues in the quarter grew by 32.65% to CNY 9 billion.

More details about Goldwind’s financial performance are given in the table below.

Amounts in CNY million	Q3 2019	Q3 2018	9-mo 2019	9-mo 2018
Revenue from operations	9,001.7	6,786	24,735	17,815.6
Total operating costs	8,536	6,367.9	23,882	15,940.8
Investment income	23.8	518.5	990.3	869.4
Operating profit	416.4	978.8	1,838.8	2,775.7
Net profit to shareholders	406.31	889.04	1,590.8	2,419
Net cash flows from operating activities	3,588.3	N/A	415.6	-1,051.8

The wind turbine manufacturer had external contract orders for 15,585.83 MW of turbines at the end of September, plus 7,189.45 MW of unsigned orders. Its internal orders amounted to 737.85 MW.

(CNY 1.0 = USD 0.142/EUR 0.128)

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