China Ming Yang Wind Power Group Limited (Ming Yang) has announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2014. Total comprehensive income was RMB350.0 million (US$ 56.4 million), compared to a total comprehensive loss of RMB656.1 million in 2013. Fourth quarter 2014 operating andfFinancial highlights are:
- Total wind turbine generators (WTGs) commissioned for which revenue was recognized amounted to an equivalent wind power project output of 638.0MW, or 280 units of 1.5MW WTGs and 109 units of 2.0MW WTGs, an increase of 263.5% compared to 175.5MW in Q4 2013.
- Total revenue was RMB1,996.0 million (US$ 321.7 million), an increase of 268.8% compared to RMB541.2 million in Q4 2013.
- Gross profit was RMB271.9 million (US$ 43.8 million), compared to a gross loss of RMB20.0 million in Q4 2013. Gross margin was 13.6%, compared to a negative gross margin of 3.7% in Q4 2013.
- Total comprehensive income was RMB80.9 million (US$ 13.0 million), compared to total comprehensive loss of RMB501.9 million in Q4 2013.
Full year 2014 operating and financial highlights are:
- Total WTGs for which revenue was recognized amounted to an equivalent wind power project output of 1,852.0MW, or 844 units of 1.5MW WTGs and 293 units of 2.0MW WTGs, an increase of 112.4% compared to 872.0MW in 2013.
- Total revenue was RMB5,872.4 million (US$ 946.5 million), an increase of 106.4% compared to RMB2,844.8 million in 2013.
- Gross profit was RMB813.1million (US$ 131.0 million), an increase of 210.0% compared to RMB262.3 million in 2013. Gross margin was 13.8%, compared to 9.2% in 2013.
- Total comprehensive income was RMB350.0 million (US$ 56.4 million), compared to a total comprehensive loss of RMB656.1 million in 2013.
