Goldwind 2011 Profit Plunged 74% on Market, Price Slump
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Xinjiang Goldwind Science & Technology Co., China’s second-biggest wind-turbine maker, said 2011 profit slumped 74 percent as domestic installations declined and foreign competition forced down prices.
Net income of 607 million yuan ($96 million) compared with profit of 2.28 billion yuan in 2010, the Urumqi-based company said today in a preliminary earnings statement based on Chinese accounting methods. Operating profit fell to 698 million yuan from 2.7 billion yuan.