Guodian Technology H1 net profit grows 4.7%

Aug 25, 2014 - Chinese wind turbine maker Guodian Technology & Environment Group Co Ltd (HKG:1296) said yesterday its net profit for the first half of 2014 was CNY 243.2 million (USD 39.5m/EUR 30m), up 4.7% on the year.

The company, which also makes environmental protection and energy saving products as well as solar cells and modules, booked a net attributable profit of CNY 153 million, down 10.4% year-on-year. Operating profit for the reporting period jumped 27.8% on the year to CNY 823.4 million.

Consolidated revenues surged by 33.2% year-on-year to CNY 10.14 billion, as the company saw a substantial improvement in its energy conservation, wind and solar power products and services segments. The solar division brought revenue of CNY 1.36 billion, rising 42.6% on the year, mainly because of the company’s solar power engineering, procurement and construction (EPC) business and more sales of solar products thanks to the supporting policies for the photovoltaic (PV) industry in China.

As for the wind business, it fetched CNY 2.94 billion in sales, marking a 17.6% jump. Guodian Technology sold 515 units of wind turbines in the first six months of 2014, up from 467 a year back. At the end of June, it had confirmed orders for 2,156 machines.

(CNY 1 = USD 0.163/EUR 0.123)

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