Goldwind’s Full-Year Profit Falls 75% on Industry Downturn

Xinjiang Goldwind Science & Technology Co., China’s biggest maker of wind turbines, said profit fell 75 percent last year as turbine sales declined in its home market.

Net income was 153.1 million yuan ($25 million) in 2012, compared with 606.7 million yuan a year earlier, Goldwind said in a statement of preliminary results to the Hong Kong stock exchange today. That compares with a 172 million-yuan mean estimate in a survey of eight analysts compiled by Bloomberg.

This is the second consecutive yearly earnings drop for the company based in Urumuqi in the Xinjiang province. Installations of wind turbines in China fell 18 percent to 15.9 gigawatts last year from 2011, according to Bloomberg New Energy Finance data.

The decline is “mainly due to an industry downturn,” the company said. Revenue declined 12 percent to 11.3 billion yuan.

The company said it expects to release final results on March 23.

— With assistance by Feifei Shen

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