19 Apr '13, 9am

China wind power group Ming Yang posts $48m loss for 2012: // #China #wind #MingYang #results #finances

China wind power group Ming Yang posts $48m loss for 2012 19 Apr 2013 Chinese wind turbine manufacturer Ming Yang has posted net losses of $48.7m for 2012 in a year that the company’s CEO says was ‘very tough’. In comparison, the company, which is China’s largest non-state-owned turbine maker, posted a $41m profit for the previous year. Ming Yang reported sales of 804.5MW of turbines over the year, representing a 45.3 per cent decrease on 2011’s figure. The company’s revenue fell by 47 per cent, a drop of $469m. Its fourth quarter results showed a loss of $26m despite an 11 per cent increase in revenues over the same period in 2011, thanks to a rise in selling prices. Revenues for the quarter were $144.6m. Chuanwei Zhang, chairman and CEO of Ming Yang, said, ‘2012 was a very tough year not just for us but also for the whole industry around the world. ‘Despite difficult mar...

Full article: http://www.newenergyworldnetwork.com/investor-news/renewa...

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