Sinovel’s sales fall, H1 net loss expands to USD 135m
Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
Chinese wind turbine maker Sinovel Wind Group Ltd (SHA:601558) saw its attributable net loss for the first half of 2015 deepen to CNY 864.6 million (USD 135.2m/EUR 120m) year-on-year after its revenues dropped by 76.3%.
The company’s bottom line result in the same six months of 2014 stood negative at CNY 371.3 million, the company said on Wednesday. Fewer orders booked in January-June and a 61% on-the-year increase in asset-impairment losses led to the increased deficit. The diluted loss per share expanded to CNY 0.14 from CNY 0.06.
Sinovel’s January-June revenues amounted to just CNY 483.8 million, plummeting from over CNY 2.04 billion in 2014.
Once a major player in the wind turbine sector, Sinovel has been struggling for many months. The company narrowly avoided a third consecutive annual loss in 2014, by reporting a CNY-80.7-million attributable net profit.