Guodian Technology’s H1 net profit halves

Aug 26, 2013 - Chinese wind turbine maker Guodian Technology & Environment Group Co Ltd (HKG:1296) on Friday said its first-half 2013 net profit had almost halved to CNY 232.3 million (USD 38m/EUR 28m) from CNY 402.3 million a year earlier.

The company, which also makes environmental protection and energy saving products as well as solar cells and modules, saw its net attributable profit decline by 33.6% year-on-year to CNY 170.8 million. Operating profit fell 17.9% to CNY 644.2 million.

Consolidated revenues marked a 5.3% drop to CNY 7.6 billion, hurt by falling revenue of the wind power products and services business. The wind power segment fetched CNY 2.5 billion of the total as compared to CNY 5.9 billion a year before. The solar division brought revenue of CNY 950.4 million, rising from CNY 44.8 million due to the company’s decision to shift its focus to the solar power engineering, procurement and construction (EPC) market, which in turn increased orders.

Guodian Technology sold 467 units of wind turbines in the first six months of 2013, down from 1,093 a year back. At the end of June, it had secured firm orders for 1,739 machines.

(CNY 1.0 = USD 0.163/EUR 0.122)

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