Feb. 1, 2012 (China Knowledge) - Sinovel Wind Group Co<601558>, China
's largest wind power generator manufacturer, said yesterday that it expects its net profit to fall more than 50% year on year in 2011.
The company said in a statement that significant drop in net profit was due to decline in turbine prices and gross profit margin.
In 2010, the company booked a net profit of RMB 2.86 billion.
Sinovel Wind earlier reported a net profit of RMB 901 million for the first three quarters of 2011, reflecting a decrease of 48.51% year on year. Basic earnings per share were RMB 0.45 during the period. Operating revenue fell 27.3% year on year to RMB 8.39 billion.