Oct. 21 (Bloomberg) -- Xinjiang Goldwind Science & Technology Co., China’s second-biggest wind-turbine maker, said profit declined 75 percent in the third quarter and warned of a 50 to 100 percent slump in full-year net income as selling prices drop.
Net income was 190.4 million yuan ($30 million) compared with 759.2 million yuan a year earlier, Goldwind said in a filing to the Shenzhen stock exchange today. Sales fell 9 percent to 4.2 billion yuan.
The Urumqi, Xinjiang province-based company attributed the decline in profit to slower growth in the wind energy industry, increasing market competition, and falling average selling prices of wind turbines, Goldwind said.
Goldwind and other Chinese turbine producers are struggling with slower sales in their home market after the government tightened criteria for approving new projects, prompting the manufacturers to seek orders overseas.
The company is targeting opportunities in North America, Europe, Australia, South America and Africa, Vice President Ma Jinru said last month.
The stock rose 0.1 percent to close at 9.20 yuan in Shenzhen trading. The Hong Kong-listed shares gained 3.6 percent to HK$4.04.
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org CH <Equity>