China Ming Yang Wind Power Group Limited (MY: Quote) announced its preliminary unaudited financial results for the first quarter ended March 31, 2012.
The company expects to incur a total comprehensive loss for the first quarter of 2012 between US$17.5 million and US$19.1 million.
Revenue for the first quarter of 2012 is expected to be between US$63.5 million and US$65.1 million, a decline of approximately 70% year-over-year due to delays in the installation and commission of its wind turbine generators on a number of wind farm projects, caused in part by adverse weather conditions, and a slowdown of overall market demand in China.
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by RTT Staff Writer
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