Mar 26 - Xinjiang Goldwind Science & Technology: Net Profits Dropped More than 70% in 2011

Source: Xinjiang Goldwind Science & Technology Co., Ltd. , ChinaScope Financial (Data)

+       According to the annual report of Xinjiang Goldwind Science & Technology Co., Ltd. (002202.SZ, 2208.HK) released on March 23, the company had a revenue of CNY 12.84 billion in 2011, up 27.01% year-on-year. Net profit attributable to shareholders was CNY 607 million, down 73.50% from CNY 2.29 billion in 2010.

+       The company explains that last year’s performance slip is due to downturn in the wind power industry and intense market competition, resulting in price cuts of wind turbine equipment.

+       Net profit attributable to shareholders in the first quarter of 2012 is expected to fall by more than 50% year-on-year from CNY 206 million in 2011.

Goldwind has experienced negative growth in revenue since 2011H1.

Inventory climbed to a historical high while the margin took a dive.

Chinese newly installed wind power dropped 6% in 2011, which translated to a negative growth for wind power equipment manufacturers. Despite the fact, Goldwind led the industry in market share in 2011.

Other News Headlines:

n Agricultural Bank: Net Profit Rises 28.5%, PPOP up 36% in 2011

n China Pacific Insurance: Net Profit Hits CNY 8.3 Billion in 2011

n Xinjiang Goldwind Science & Technology: Net Profits Dropped More than 70% in 2011

n China Power: Net Profits Decreased More Than 20% in 2011

n Tibet 5100: CNY 373 Million in Net Profits, CNY 100 Mn in Government Subsidies in 2011

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