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Chinese wind power leader announces 426% Q1 profits boom

Goldwind reveals results and expect 2013 first half net profits to increase by up to 50 per cent compared with 2012

Goldwind says healthy development of the wind power industry depends on continuous technological innovations

Leading Chinese wind power firm Goldwind has announced it has increased its Q1 profits by 426 per cent. The wind turbine maker has seen its net profits rise to reach the figure compared with the same period in 2012, the company has said in its results for the first quarter of 2013.

The company announced the unaudited results of the company for the three months ended March 31, 2013, which have been prepared in accordance with the People's Republic of China Accounting Standards for Business Enterprise.

During the first quarter of 2013, while revenue from operations decreased 44.05 per cent to RMB 951,043,362.86, Goldwind's net profit attributable to shareholders of the company increased 425.52 per cent to RMB 32,461,572.39. This is in comparison with the first quarter of 2012.

Basic earnings per share for the first quarter of 2013 were RMB 0.0120, up 425.52 per cent from the first quarter of 2012. The company now expects its net profit attributable to shareholders of the company for the first half of 2013 to increase by 0 per cent to 50 per cent, compared with the first half of 2012.

As of March 31, 2013, the company had a total of 4,576.00MW of outstanding orders. This included 6.00MW of 750kW wind turbines, 3,451.50MW of 1.5MW, 1,097.50MW of 2.5MW, and 21.00MW of 3.0MW turbines, of which 404.00MW were overseas orders.

In addition, the company had won bids for projects totalling 3,078.50MW for which contracts have not yet been signed. This includes 2,463.00MW of 1.5MW wind turbines, 612.50MW of 2.5MW and 3.00MW of 3.0MW turbines. The combined backlog of orders was 7,654.50MW.

Mr. Wu Gang, chairman of the board and chief executive officer of Goldwind, said technology development will now continue to be a focus for the company for the remainder of year.

He said: "Goldwind is focused on developing advanced wind power technologies utilising our integrated R&D resources that are based in Beijing, Xinjiang, Jiangsu, and Germany. We have built strategic partnerships with leading Chinese and international suppliers, and through our established global supply chain, we aim to create value for customers by producing high-quality wind turbines and services that meet international standards.

"In 2013, Goldwind will continue to improve our management skills, accelerate R&D progress, attract more talent at home and abroad, expand international cooperation, and launch additional customised products for our customers," he added. "We will also develop more high value-added services to ensure the lifecycle value of our products, which should also help to further enhance our competitiveness and our sustainable profitability to create additional value for our shareholders."

Technological innovation

Commenting on Goldwind's results, Wu Gang said technology innovation should be a focus for the global wind power industry.

He said: "The global economy is still full of uncertainties. The healthy development of the wind power industry depends on continuous technological innovations and on sustained renewable energy policy support by governments around the world. Wind power has the potential to generate electricity at competitive prices and help gradually replace fossil fuels. We believe wind power will play an important role in accelerating the transition of energy resources in many countries and will help to create local jobs, promote sustainable economic development, and improve the environment.

Awards and recognition

Goldwind has received awards and recognition during the first quarter of 2013. The company's 1.5MW and 2.5MW wind turbine series received ETL certification. The wind company was awarded the first prize of the National Energy Technology Progress Award by China's National Energy Administration. It was selected as one of the 2013 Global Challengers by the Boston Consulting Group and also came third in a publication's view on the world's top ten most innovative companies in China.

Goldwind said: "We believe these certifications and recognitions are due to our success that has been generated by our sustained R&D and innovation, expansion of our core capabilities, and increases in our technical and cost competitiveness over the past 15 years."