China: Sinovel’s Net Profits Drop 96.25% to USD 3.89
China’s largest wind turbine manufacturer Sinovel Wind Group Ltd has reported that its H1 profits have dropped 96.25 percent to 24.67m yuan comparing to the same period last year, reports Xinhua.
Operating revenues dropped 42.04 percent year-on-year to 3.09 billion yuan.
The global economic crisis and fierce competition have led to this big drop in profits which was slowed by gains in sales of Sinovel units overseas.
Offshore WIND staff, August 30, 2012; Image: sinovel