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Goldwind’s First-Half Profit Rises on New Capacity Installed

Aug. 23 (Bloomberg) -- Xinjiang Goldwind Science & Technology Co., China’s biggest maker of wind turbines, said first-half profit gained 29 percent on newly installed capacity.

Net income increased to 92.7 million yuan ($15.1 million) from 72.1 million yuan a year earlier, Goldwind said today in a filing to the Hong Kong stock exchange. Sales fell 6.5 percent to 3.23 billion yuan.

“The extensive industry experience and unique diversified profit model provided strong support for our profitability,” according to the statement. “Backed by strong policy support from the government for new energy, there continues to be plenty of room for the future development of the domestic wind power industry.”

Goldwind joined producers including Vestas Wind Systems A/S of Denmark in reducing expenses to counter slower growth that has slashed margins across the industry. China may install 13 gigawatts of wind power this year, 6 percent less than a year earlier, Bloomberg New Energy Finance estimates.

Orders under contract totaled 4,550.25 megawatts at the end of June, and deliveries for international projects climbed to a record 162.50 megawatts of capacity, the company said.

Goldwind fell 0.5 percent to close at HK$4.06 in Hong Kong trading today before the earnings were announced.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net; Helen Sun in Shanghai at hsun30@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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