Jiangsu Jixin Wind's 9-mo net profit surges by 435%

Nov 3, 2014 - Chinese firm Jiangsu Jixin Wind Energy Technology Co Ltd (SHA:601218) saw its attributable net profit for the first nine months of 2014 balloon by 435% on the year to CNY 60.3 million (USD 10m/EUR 8m).

Basic and diluted earnings per share (EPS) grew to CNY 0.061 from CNY 0.011 a year back, the firm said Friday.

The result met the wind power equipment maker’s projections for between 400% and 450% higher profits during the period. The improvements came as a result of the gradual recovery of the wind power industry in China, which led to a significant increase in Jiangsu Jixin Wind's sales for the nine months and improved the overall performance of the company.

January-September revenues rose by 19.74% on the year to CNY 1.21 billion.

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. Last month Jiangsu Jixin Wind said it plans to establish a wind power generation subsidiary as it believes that by expanding into the downstream power generation segment it will increase its overall competitiveness.

During the third quarter of 2014 alone, the company booked a net profit of CNY 26.5 million, up from CNY 5.7 million in the same period of 2013. Revenues amounted to CNY 458.7 million, growing from CNY 408.6 million a year back.

(CNY 1.0 = USD 0.163/EUR 0.131)

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