Goldwind Forecasts Profit May Triple on China Wind-Energy Demand

October 25, 2013 by  
Filed under Green Energy News

Xinjiang Goldwind Science
Technology Co. (2208)
, China’s biggest wind-turbine maker, forecast
2013 profit may triple on increased sales and cost controls.

Net income is expected to rise to as much as 459.2 million
yuan ($75.4 million) from 153.1 million yuan a year earlier,
Goldwind said in a filing to the Hong Kong stock exchange today.
Third-quarter net income climbed to 95.3 million yuan, compared
with a loss of 33.6 million yuan a year ago. Sales jumped 57
percent to 3.87 billion yuan, according to the filing.

“Increase in the company’s revenues, stronger cost
controls and further implementation of lean management,” will
contribute to the gain in profit, according to the statement.

Goldwind and competitors such as Vestas Wind Systems A/S (VWS) of
Denmark are cutting costs to counter slower growth that has
trimmed margins across the industry. China’s wind capacity
addition may be 13 gigawatts in 2013, 6 percent lower than a
year earlier, according to estimates by Bloomberg New Energy
Finance.

Orders outstanding were 4,205 megawatts at the end of
September, the company said. It has an additional 3,626
megawatts of orders lined up for which contracts have to be
signed.

The stock gained 3.7 percent to HK$7.60 at the close in
Hong Kong before the earnings were announced.

To contact Bloomberg News staff for this story:
Feifei Shen in Beijing at
fshen11@bloomberg.net

To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net

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