Jiangsu Jixin Wind sees up to 450% higher 9-mo profit

Oct 23, 2014 - Chinese wind power equipment maker Jiangsu Jixin Wind Energy Technology Co Ltd (SHA:601218) said Wednesday it expects its net profit for the first three quarters of 2014 to surge by between 400% and 450% on the year.

The company explained that its performance has improved thanks to the gradually recovering wind power industry in China, which led to a significant increase in its revenues in the nine months.

By comparison, Jiangsu Jixin Wind’s net profit during the same period of 2013 amounted approximately CNY 11.3 million (USD 1.8m/EUR 1.5m). Basic earnings per share (EPS) stood at CNY 0.01.

The Jiangyin-based company is engaged in the research, development, manufacturing and distribution of parts for the wind power generation sector. More specifically, it makes megawatt-grade wind turbine wheel hubs, axles and bearing pedestals and other products. Earlier this month Jiangsu Jixin Wind said it plans to establish a wind power generation subsidiary. It believes that by expanding into the downstream power generation segment it will increase its overall competitiveness.

(CNY 1.0 = USD 0.163/EUR 0.129)

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