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Sinovel Wind expects 2011 profit to fall 50%

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.

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