China Ming Yang Wind Power Group Limited (Ming Yang) has announced its unaudited financial results for the first quarter ended March 31, 2013. Revenue in the first quarter of 2013 was RMB805.4 million (US$ 129.7 million), representing an increase of 98.1% from RMB406.6 million in the corresponding period in 2012.
WTGs for which revenue was recognized amounted to an equivalent wind power project output of 238MW for the corresponding period in 2012. The increase in revenue in the first quarter was primarily due to the higher number of WTGs commissioned during the period. Gross profit in the first quarter of 2013 was RMB89.7 million (US$ 14.4 million), representing an increase of 121.3% from RMB40.5 million for the corresponding period in 2012. Gross margin in the first quarter of 2013 was 11.1%, compared to 10.0% for the corresponding period in 2012. The increase was primarily due to the revenue recognition of 2.0MW WTGs which tend to achieve a higher gross margin than their 1.5MW WTGs. Profit before income tax expense was RMB3.7 million (US$0.6 million) for the first quarter of 2013, compared to a loss before income tax expense of RMB126.0 million in the corresponding period of 2012. During the first quarter of 2013, Ming Yang entered into sales contracts for wind power projects with a total output of 349MW. As of March 31, 2013, the Company's order backlog amounted to 2.2GW.
