Ming Yang Moves from Annual Loss to Profit

Chinese wind energy developer, China Ming Yang Wind Power Group Limited, has reported Q4 comprehensive income of USD 13 million comparing to the comprehensive loss of USD 2.1 million in the same period last year.

Total revenue was up 268.8% totalling at USD 321.7 million

“We are pleased with our performance in the year of 2014, in particular the fourth quarter when we saw record sales volume of WTG products in terms of power capacity, and realized nearly RMB2 billion in revenue,” said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, “We are delighted to see that the Chinese government announced a series of policies at different levels to promote renewable and clean energy sources. By focusing on technological innovations and delivering high quality products to our customers, we are well-positioned to satisfy the growing market demand for WTG products as well as related value-added services.”

The total comprehensive income for the full year 2014 was USD 56.4 million while the company reported a comprehensive loss of USD 107.5 for the year before.

Zhang added, “Based on our current delivery schedule and our order backlog, we are confident in further solidifying our market position in China in 2015, particularly in offshore wind power market, thanks to our unique advantages of offshore engineering solutions.”

In the past year, Ming Yang completed and connected to the grid a 6.5MW SCD prototype in Jiangsu Province thus commencing the commercial operation

According to the company, this prototype is expected to be expanded and developed into a series of wind turbine generators with capacity ranging from 5.0MW to 7.0 MW.