China Ming Yang Wind Power Group Limited has announced its unaudited financial results for the second quarter ended June 30, 2014.
Total wind turbine generators commissioned for which revenue was recognized amounted to an equivalent wind power project output of 303.5MW, or 153 units of 1.5MW and 37 units of 2.0MW WTGs, an increase of 88.5% compared to 161MW in Q2 2013. Total revenue was RMB 935.6 million (US$ 150.8 million), an increase of 74.1% compared to RMB 537.4 million in Q2 2013. Gross profit was RMB 123.5 million (US$ 19.9 million), compared to RMB 66.1 million in Q2 2013. Gross margin was 13.2%, an increase of 0.9 percentage point compared to 12.3% in Q2 2013. Total comprehensive income was RMB 11.8 million (US$1.9 million), compared to total comprehensive loss of RMB 87.4 million in Q2 2013. During the second quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 617.0MW, representing 166 units of 1.5MW WTGs and 184 units of 2.0MW WTGs. As of June 30, 2014, the Company's order backlog amounted to 3.6GW, representing 1,374 units of 1.5MW WTGs, 671 units of 2.0MW WTGs, 59 units of 3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.
