Ming Yang Order Backlog Reaches 3.7GW
China Ming Yang Wind Power Group Limited, wind turbine manufacturer in China, announced its unaudited financial results for the third quarter endedSeptember 30, 2014.
Revenue in the third quarter of 2014 was US$279.7 million, an increase of 78.7% as compared to that of the corresponding period in 2013. Revenue of WTGs amounted to an equivalent wind power project output of 524.5MW, or 187 units of 1.5MW and 122 units of 2.0MW WTGs. For the corresponding period of 2013, the output was 290.0MW, or 136 units of 1.5MW and 43 units of 2.0MW WTGs. The 78.7% increase in revenue was mainly due to a 72.6% increase in the number of WTGs commissioned compared with the third quarter of 2013.
Gross profit was US$36.8 million, compared to US$20.6 million in Q3 2013. Gross margin was 13.1%, a decrease of 0.1 percentage point compared to 13.2% in Q3 2013.
Third quarter 2014 Operating and Financial Highlights:
- Total wind turbine generators (“WTGs”) commissioned for which revenue was recognized amounted to an equivalent wind power project output of 524.5MW, or 187 units of 1.5MW and 122 units of 2.0MW WTGs, an increase of 80.9% compared to 290.0MW in Q3 2013.
- Total revenue was US$279.7 million, an increase of 78.7% compared to US$156.4 million in Q3 2013.
- Total comprehensive income was US$11.6 million, compared to total comprehensive loss of 11.5 million in Q3 2013.
Press release; Image: mingyang