Sinovel warns of loss as wind market takes turn for the worse

Sinovel says the impact of "macroeconomic volatility and the changes in industrial policies" have had a greater impact than expected.

Sinovel

Related

By Dominique Patton Singapore

 Wednesday, October 10 2012

Updated: Sunday, November 25 2012

Chinese wind turbine maker Sinovel has warned that it will report losses of up to 260m yuan ($41m) for the first nine months of the year, after worse-than-expected delivery volumes and an increase in bad debts.

The company, which reported profits of 901m yuan for the same period in 2011, had forecast a drop of more than 50% in its earnings when it issued its first-half results at the end of August.

Its first-half net profits were already down by 96% to 24.7m yuan.

But in a stock exchange statement today, the company says that the impact of “macroeconomic volatility and the changes in industrial policies” have had a greater impact on the wind-power industry than expected.

“The impact of the above factors and the delay in implementation…

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login

Recharge App


Dowload the Recharge Mobile App
Get the free Recharge subscriber app on your device running iOS or Android.
Read Recharge anytime and anywhere. 		Recharge IOS App