Goldwind profits surge in 2013

Chinese wind group Goldwind almost tripled its profits last year thanks to increased sales and better profit margins.

Goldwind – the leader in China’s turbine market – delivered a net profit of 427.6m yuan ($68.7m) in 2013, up 179% on 2012’s figure.

The group grew revenues by  8.6% year-on-year to 12.2bn yuan.

Goldwind told investors it added 3.75GW in China last year, giving it a 23.3% share of the 16.1GW installed in its domestic market during 2013.

Goldwind embarked on a big cost-cutting and restructuring exercise in 2012 in response to a slowdown in the Chinese market, as well as seeking international growth, and has reaped the rewards since.

Its gross profit margin improved by 6% year-on-year in 2013.

The group said international markets accounted for 11.2% of its revenues last year.

Goldwind also grew revenues from service and power-sales activities by about 50% each.

A the end of 2013 its turbine orders stood at 3.36GW plus 4.16GW of winning bids for which contracts have not yet been signed, said Goldwind.

Chairman Wu Gang said the global market for turbine-makers had been tough in 2013.

“In comparison, China’s environmental policies were more encouraging for the wind power industry and the market environment improved. China’s wind farm grid connectivity and curtailment improved in 2013 as the government introduced several encouraging policies, and after two years of industry adjustments, China’s wind power industry welcomed a gradual recovery.”