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China Ming Yang Wind Power Group Limited (Ming Yang) has announced its unaudited financial results for the first quarter ended March 31, 2014.
Total wind turbine generators (WTGs) for which revenue was recognised amounted to an equivalent wind power project output of 386.0MW, or 224 units of 1.5MW and 25 units of 2.0MW WTGs, an increase of 57.2% compared to 245.5MW in Q1 2013. Total revenue was RMB1,224.0 million (US$ 196.9 million), an increase of 52.0% compared to RMB805.4 million in Q1 2013. Gross profit was RMB192.0 million (US$ 30.9 million), compared to RMB89.7 million in Q1 2013. Gross margin was 15.7%, an increase of 4.6 percentage points compared to 11.1% in Q1 2013. Total comprehensive income was RMB185.8 million (US$ 29.9 million), compared to that of RMB4.5 million in Q1 2013. Total comprehensive income for the period excluding the one-off gain on loss of control of subsidiaries was RMB61.3 million (US$9.9 million). As of March 31, 2014 the company's order backlog amounted to 3.3GW.
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