China Ming Yang Wind Power Group Limited (Ming Yang) has announced its unaudited financial results for the third quarter ended September 30, 2013.
Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 290MW, or 136 units of 1.5MW WTGs and 43 units of 2.0MW WTGs, an increase of 27.2% compared to 228MW, or 152 units of 1.5MW WTGs inQ3 2012. Total revenue was RMB960.8 million (US$157.0 million), an increase of 22.0% compared to RMB787.8 million in Q3 2012. Gross profit was RMB126.5 million (US$20.7 million), a decrease of 7.8% compared to Q3 2012. Gross margin was 13.2% for Q3 2013, compared to 17.4% in Q3 2012. Gross margin attributable to WTG sales was 14.7% during the quarter, compared to 12.7% in Q3 2012. Total comprehensive loss was RMB71.3 million (US$11.7million), compared to total comprehensive income of RMB4.9 million in Q3 2012. During the third quarter of 2013, the Company entered into sales contracts for wind power projects with a total output of 296MW, representing 80 units of 1.5MW WTGs and 88 units of 2.0MW WTGs. Total new orders signed for the first nine months totaled 1.04GW.
