China Ming Yang Wind Power Group Limited (Ming Yang) has announced its unaudited financial results for the third quarter ended September 30, 2014. Revenue in the third quarter of 2014 was RMB1,716.8 million (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. 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 in the third quarter of 2014 was RMB225.6 million (US$36.8 million), compared to that of RMB126.5 million in the third quarter of 2013. Gross margin in the third quarter of 2014 was 13.1%, compared to that of 13.2% for the corresponding period in 2013. Profit before income tax was RMB85.9 million (US$14.0 million) for the third quarter of 2014, compared to loss before income tax of RMB75.0 million for the corresponding period in 2013. During the third quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 648.0MW, representing 324 units of 2.0MW WTGs. As of September 30, 2014, the company's order backlog amounted to 3.7GW.
