China Ming Yang Wind Power Turns To Profit In Q3 - Quick Facts

(RTTNews) - China Ming Yang Wind Power Group Limited (MY), wind turbine manufacturer in China, reported that its income attributable to shareholders of the Company for the third quarter of 2014 was RMB 72.36 million or $11.79 million, compared to loss of RMB 53.22 million in the same quarter last year. Quarterly earnings per share was RMB0.57 or $0.09, compared to loss per share of RMB0.43 last year.

Administrative expenses were RMB38.4 million or $6.3 million for the third quarter of 2014, compared to RMB82.7 million for the corresponding period in 2013, representing a decrease of 53.5%. The decrease in administrative expenses was a combined result of the reversal of provision for bad debts against trade and other receivables in the third quarter of 2014 as we received settlements from customers for some of the long-outstanding doubtful trade receivables; and administrative expenses in 2013 included administrative expenses incurred by our previously consolidated Indian subsidiary, Global Wind Power Limited ("GWPL"), which it deconsolidated since January 1, 2014.

Revenue in the third quarter of 2014 was RMB1.717 billion or $279.7 million, an increase of 78.7% as compared to that of the corresponding period in 2013.