Ming Yang doubles Q2 gross profit
Ming Yang Wind Power Group reports second quarter 123.5m yuan ($19.9m) gross profit, double a year earlier, mainly due to a greater number of turbines commissioned.
The vendor says it commissioned 303MW of turbines – 153 units of 1.5MW and 37 of 2MW – an increase of 88.5% from 161MW in second quarter 2013.
Second quarter revenue was 935.6m yuan, a 74.1% increase compared to 537.4m yuan in Q2 2013. Gross margin was 13.2% compared to 12.3% in Q2 2013, according to unaudited results.
"We continued to see strong momentum in the industry, and have signed new orders of 617MW during the quarter, and our signed order book continues to grow strongly and has now reached a historic high of 3.6GW as of 30 June, 2014," Ming Yang chief executive Chuanwei Zhang says in a statement.
He adds that demand for the company’s 2MW wind turbine remains strong heading into the second half of 2014.
Note: Amends earlier version to correct MW of turbines commissioned.