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China Ming Yang Wind Power swings to loss in Q1

Jun. 4, 2012 (China Knowledge) - China Ming Yang Wind Power Group Ltd<MY>, a wind turbine manufacturer in China, suffered RMB 116.2 million or US$18.5 million in net loss in the first quarter of this year, whereas it earned RMB 218.8 million in net profit in the same period of 2011.

In the three months ended Mar. 31, 2012, the New York-listed firm's operating revenue plunged 70.9% YoY to RMB 406.6 million. The sharp decrease was primarily due to delays in installation and commissioning of 1.5-megawatt products on wind farm projects caused by adverse weather conditions and overall decreased market demand in China, sources reported.

Diluted loss per American Depositary Share for the reporting period was RMB 0.93, compared with diluted earnings per ADS of RMB 1.80 in the first quarter of 2011.

The company's shipments reached 120 MW in the first quarter of 2012, down 60% from a year earlier.

Chairman and CEO Zhang Chuanwei said the growth in China's wind power industry is slowing down as a result of increased price competition and decreased demand.

During the period from January to March 2012, the Chinese wind power supplier repurchased US$2.1 million worth of 903,900 ADSs.

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