Goldwind posts third-quarter loss, sells Xi’An unit to CNR

Goldwind has been hit by "the market environment and national industry policies"

Color China Photo/AP/PA

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By Andrew Lee London

 Friday, October 26 2012

Updated: Sunday, November 25 2012

Wind turbine group Goldwind reported a loss for the third quarter of 2012 and announced the sale of a majority stake in one of its subsidiaries to a Chinese competitor.

Goldwind posted a loss of 33.5m yuan ($5.4m) for the July-September quarter. Revenues were 2.46bn yuan – almost 42% down on the same stage last year.

For the first nine months of the year, Goldwind managed a net profit of 38.5m yuan, about 94% lower than the 2011 figure.

Goldwind says it faces a wipe-out of up to 100% of net profits for the full-year 2012.

The wind equipment group cites a now-familiar roll-call of lower turbine sales – and lower prices for those that are sold – as a result of “the market Log in to read complete article.

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