China Ming Yang Wind Power Group (MY: Quote) posted first quarter loss attributable to shareholders of RMB 113.34 million, or $18 million, versus profit or RMB 224.84 million last year.
Loss per share was RMB 0.93, or $0.15, compared to profit per share of RMB 1.80 in the same quarter last year.
Revenue was RMB406.63 million, or $64.57 million, down from RMB 1.4 billion in the corresponding period a year earlier. The decrease in revenue was primarily due to delays in installation and commissioning of 1.5MW WTGs on a number of wind farm projects caused by adverse weather conditions and overall decreased market demand in China.
Chuanwei Zhang, Chairman and CEO of Ming Yang, commented on the first quarter results, "The growth of China's wind power industry is slowing down with a more stringent project approval process, a step in the evolution of the industry. Increased price competition and decreased demand also trimmed the margins of China's WTG manufacturers. Against this backdrop and coupled with continued adverse winter weather, our performance in the first quarter was adversely impacted..."
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by RTT Staff Writer
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