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Ming Yang Wind Power revenues and income surge

Zhongshan, China - China Ming Yang Wind Power Group Limited, a Chinese wind turbine manufacturer, announced its unaudited financial results for the first quarter ended March 31, 2014.

Zhongshan, China - China Ming Yang Wind Power Group Limited, a Chinese wind turbine manufacturer, announced its unaudited financial results for the first quarter ended March 31, 2014.

Total wind turbine generators for which revenue was recognized amounted to an equivalent wind power project output of 386.0 MW, or 224 units of 1.5 MW and 25 units of 2.0 MW wind turbines, an increase of 57.2% compared to 245.5MW in Q1 2013. Total revenue was RMB1,224.0 million (US$196.9 million), an increase of 52.0% compared to RMB805.4 million in Q1 2013. Gross profit was RMB192.0 million (US$30.9 million), compared to RMB89.7 million in Q1 2013. Gross margin was 15.7%, an increase of 4.6 percentage points compared to 11.1% in Q1 2013. Total comprehensive income was RMB185.8 million (US$29.9 million), compared to that of RMB4.5 million in Q1 2013. Total comprehensive income for the period excluding the one-off gain on loss of control of subsidiaries was RMB61.3 million (US$9.9 million). Basic earnings per share and diluted earnings per share were RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, compared to basic and diluted earnings per share of RMB0.19 and RMB0.19 in Q1 2013.

"We have signed new orders of 671.5MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.3GW," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "This continues the trend established in late 2013. Benefiting from the increased demand from our customers we had been able to take advantage of larger economies of scale and our direct cost per kW had continued to decrease by 3.1 percentage points and 6.9 percentage points for our 1.5MW and 2.0MW WTGs respectively, compared with the corresponding period in 2013. Our gross margin for 2.0MW wind turbines was approximately 16.6%, which was 1.6 percentage points higher than the gross margin of our 1.5MW WTGs. Our orderbook for the 2.0MW wind turbines continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China."

Business Update New Sales Contracts - During the first quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 671.5MW, representing 285 units of 1.5 MW wind turbines and 122 units of 2.0MW wind turbines. As of March 31, 2014, the Company's order backlog amounted to 3.3 GW. Cumulative signed orders since its inception amounted to 8.3GW



Source: IWR Online, 21 May 2014

 


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