Goldwind Forecasts Profit May Triple on China Wind-Energy Demand
Xinjiang Goldwind Science & Technology Co. (2208), China’s biggest wind-turbine maker, said 2013 profit may triple on increased sales and cost controls.
Net income will increase to as much as 459.2 million yuan ($75 million) from 153.1 million yuan a year earlier, Goldwind said in a filing to the Hong Kong stock exchange yesterday. Third-quarter net income climbed to 95.3 million yuan, compared with a net loss of 33.6 million yuan a year ago, as sales jumped 57 percent to 3.87 billion yuan, Goldwind said.
“Increase in the company’s revenues, stronger cost controls and further implementation of lean management,” will contribute to the gain in profit, according to the statement.
Goldwind and competitors such as Vestas Wind Systems A/S (VWS) of Denmark are cutting costs to counter slower growth that has trimmed margins across the industry. China’s wind capacity addition may be 13 gigawatts in 2013, 6 percent less than a year earlier, according to estimates by Bloomberg New Energy Finance.
Orders outstanding were 4,205 megawatts at the end of September, the company said. It has an additional 3,626 megawatts of orders lined up for which contracts have to be signed.
The stock gained 3.7 percent to HK$7.60 at the close in Hong Kong trading yesterday before the earnings were announced.
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