Sinovel faces $495m loss for 2013

Troubled Chinese turbine maker Sinovel may be set to record its second straight annual net loss

Troubled Chinese turbine maker Sinovel may be set to record its second straight annual net loss

Sinovel expects its 2013 net loss to balloon to 3bn yuan ($495.4m), marking its second straight year of red ink.

The anticipated loss is due to a decline in total installations, delayed orders and postponed payments, it said in a statement to the Shanghai Stock Exchange (SSE).

Sinovel also warned that its stock could be delisted under SSE rules after a second straight loss, and its bonds may be suspended, also due to stock exchange regulations.

The wind company did not specify a date for release of its final full-year results statement.

The Beijing-based company suffered a net loss of roughly 583m yuan in 2012. It first raised the possibility of a 2013 deficit Log in to read complete article.

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