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Sinovel Wind's H1 profit down 96%

Aug. 29, 2012 (China Knowledge) - Sinovel Wind Group Co<601558>, China's largest wind power generator manufacturer, has announced its net profit attributable to shareholders plunged 96.25% YoY to RMB 24.67 million in the first half of this year.

In a statement filed with Shanghai Stock Exchange, Sinovel Wind said the huge decrease in net profit was due to lower sales revenue and increased sales expenses.

Basic earnings per share for the period were RMB 0.01, compared with RMB 0.17 it booked in the corresponding period of 2011.

In the reporting period, the wind power generator manufacturer realized RMB 3.09 billion in operation revenue, reflecting a YoY decrease of 42.04%.

The company expects its net profit for the first nine months of this year to decrease over 50% from a year earlier.

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