Goldwind triples profits in H1

Chinese wind group Goldwind more than tripled profits in the first half of the year, as it increased turbine sales and pulled in more money from its development and service activities.

Goldwind – the Chinese market leader – recorded a net profit of 330.7m yuan ($53.7m) for the January to June period, a 257% increase on 2013’s first half.

Revenue was 38% up at 4.44bn, while Goldwind said operational and technological efficiencies had boosted gross margins on its 1.5MW and 2.5MW turbines by  11% and 5.5% respectively.

Goldwind sold 942MW in the first half, 42.3% up on last year.

Its backlog of orders under contract stood at 4.97GW, with another 3.93GW awaiting final confirmation.

The company said it is boosting income from its development-and-sale and power production interests. Power generation revenue almost tripled year-on-year to 520.3m yuan.

Goldwind vice president Ma Jinru said: “In the first half of 2014, the group’s business performance and new orders improved steadily, maintaining a positive trend.”