China's Ming Yang warns of 70% drop in Q1 turbine sales

Chinese turbine maker Ming Yang says first quarter revenues will fall 70% on last year after growth in the world’s largest wind market slows.

The company expects revenues to be between 400-410m yuan ($63.5-65m), it says in a statement ahead of its earnings release on 1 June.

Ming Yang, China’s fourth largest wind turbine manufacturer, blamed delays in the installation and commission of its turbines on several wind projects, caused in part by adverse weather conditions, and a slowdown of overall market demand in China.

China installed 17.6GW of wind power capacity last year, the largest in the world, yet it was a 7% decline on the previous year’s new installations, marking the first time Log in to read complete article.

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