A Harsh Winter for Sinovel and China's Wind Industry: Filed under: Energy News

A Harsh Winter for Sinovel and China's Wind Industry

A Harsh Winter for Sinovel and China's Wind Industry: Filed under: Energy News

The Year of the Dragon has gotten off to an inauspicious start for the Chinese wind industry and in particular, Sinovel Wind Group Co. (Shanghai:601558 , a.k.a. Sinovel), China's leading wind turbine manufacturer. In early February, with the official end to the “Spring Festival” only days away, Sinovel reported decidedly chilly preliminary estimates of its FY2011 performance, confirming that Sinovel and indeed the whole Chinese wind industry had, in the words of one Chinese wind industry insider “entered a winter that would be hard to endure”. Sinovel estimated that its net income for FY2011 declined by more than 50% compared with 2010 profits of 2.856 billion Yuan (~$450 million USD). The decline in profitability of Sinovel in 2011 was attributed to several factors: intense competition in the Chinese wind turbine market, delays in the development of certain wind farm proj...

Full article: http://www.altenergystocks.com/archives/2012/02/a_harsh_w...

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