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Sinovel Wind's profit plunged 72.84% in 2011

Apr. 11, 2012 (China Knowledge) - Sinovel Wind Group Co<601558>, China's largest wind power generator manufacturer, announced yesterday that its net profit attributed to shareholders decreased 72.84% year on year to RMB 775 million, mainly due to decline in turbine prices and gross profit margin.

The company saw its sales revenue fell 48.66% year on year to RMB 10.44 billion in 2011.

In a statement filed with the Shanghai Stock Exchange, the company said its basic earnings per share for the last year were RMB 0.39, and a final dividend of RMB 3.5 per ten shares was declared.

Yesterday, Sinovel Wind signed a strategic framework agreement with Turkey-based Agaoglu Group. According to the agreement, Sinovel Wind will provide 600 megawatt (MW) air blower unit to the buyer to construct wind power plants.

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