Chinese wind turbine manufacturer, Ming Yang, reported a lower Q1 profit of USD 6.57 million compared to USD 30.12 million last year.
The profit slump is mainly due to last year’s USD 20 million gain on losing control of GWPL subsidiary.
The revenue was up 9.36% reaching a figure of USD 215.33 million.
“We are pleased with our strong year-on-year revenue growth in the first quarter of 2015,” said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. “Driven by a series of positive policies in China to promote the wind energy sector, demand for wind turbine products has been increasing recently. In addition, while we are on the track to evolve into a technology-driven, service-centric provider of comprehensive wind energy solutions, we also see growing business opportunities in the value-added service area throughout the entire life cycle of wind farm operations.”
In order to realise its vision, Ming Yang acquired RENergy earlier this month.
Zhang added, “In addition to the anticipated significant cost and technology synergies, Ming Yang is also expected to be able to extend its current product and service offerings upon the completion of this acquisition. With this acquisition and the continued execution of our overall strategy, we are confident that we can deliver growing shareholder value in the years ahead.”
Earlier this year, the company also unveiled SCD wind turbine which unlike company’s current flagship product of 6.0MW two-blade offshore SCD, targets low-wind onshore areas. This presents a significant market after China started to focus the development of eastern and southern areas.