China Ming Yang Wind Power Group Slips To Loss In Q3 - Quick Facts

(RTTNews) - China Ming Yang Wind Power Group Limited (MY) reported that its third-quarter 2013 loss attributable to shareholders was RMB 53.21 million or $8.70 million, compared to income of RMB 3.48 million in the corresponding period in 2012. Loss per share was RMB0.43 or $0.07, compared to earnings per share of RMB0.03 for the corresponding period in 2012.

Loss before income tax expense was RMB75.0 million or $12.3 million for the third quarter of 2013, compared to a profit before income tax expense of RMB11.1 million in the corresponding period of 2012.

Revenue in the third quarter of 2013 was RMB960.8 million or $157.0 million, representing an increase of 22.0% from RMB787.8 million in the corresponding period in 2012. Wind turbine generators or WTGs for which revenue was recognized amounted to an equivalent wind power project output of 290MW, or 136 units of 1.5MW WTGs and 43 units of 2.0MW WTGs compared to 228MW, or 152 units of 1.5MW WTGs for the corresponding period in 2012.

The increase in revenue in the third quarter was primarily due to the commissioning of 43 units of 2.0MW WTGs in the quarter compared to none in the corresponding period in 2012. Although the number of 1.5MW WTGs commissioned had decreased compared to the third quarter of 2012, the increase in 2.0MW WTG had helped to increase overall revenue for the quarter.