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

Source: Goldwind, http://www.goldwindglobal.com. All rights reserved.

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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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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