China Ming Yang Wind Power Group Ltd. (MY: Quote) reported fourth-quarter loss attributable to shareholders of RMB 117.95 million, or $18.74 million, versus a profit of RMB 228.93 million last year. Loss per share was RMB 0.96, or $0.15, versus earnings per share of RMB 1.83 in the same quarter last year.
Revenue fell to RMB 808.3 million, or $128.43 million, from RMB 1.71 billion in the prior-year quarter.
The lower revenues was primarily due to the delayed EPC projects representing an equivalent wind power project output of 196.5MW, or 131 units of 1.5MW WTGs; the delays in installation and commission of 1.5MW WTGs of certain wind farm projects representing an equivalent wind power project output of 40.5MW, or 27 units, primarily caused by adverse weather conditions; and slower growth in the wind industry in China in 2011.
Chuanwei Zhang, Chairman and CEO of Ming Yang, commented, "...Against this industrial slow-down, I am pleased to report that Ming Yang has continued to see sustained demand through the full year 2011, and has also been able to reach its targeted gross margin on an annual basis, despite the previously announced delays in revenue recognition and overall market softness impacting performance and results in the fourth quarter."
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by RTT Staff Writer
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