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Back You are here: Home Business Finance Ming Yang sees loss in 2012, looks to China and India for 2013


Ming Yang sees loss in 2012, looks to China and India for 2013

China Ming Yang Wind Power Group Limited ended the year 2012 with a gross profit of $59.4 million despite a total comprehensive loss of $48.7 million.

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“2012 was a very tough year not just for us but also for the whole industry around the world,” commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang.

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Ming Yang is one of the top ten wind turbine manufacturers worldwide and is the largest non-state owned wind turbine manufacturers in China.

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Last year, it sold around 894.5 megawatts worth of wind turbines for total revenues of $464.4 million. This represents a decrease of 45.3 percent from the turbines sold in 2011 and of 47.5 percent compared to revenues in 2011.

Despite this, Ming Yang is looking to recover this year as it have already managed to increase their market share in the growing Chinese wind sector to 8.7 percent compared to 6.7 percent in 2011.

“As grid connection issues gradually get resolved, we should continue to see utilization hours of wind farms increase, father enhancing wind as a viable alternative source of power in China,” said Mr. Zhang.

The company continues to be optimistic about the wind power market opportunities available for it in China and is also looking towards India. Just last year, Ming Yang and Reliance Power announced plans to develop 2,500-MW of wind projects in India, with financing from the China Development Bank (see related story).

Ming Yang is also banking on the market trend that has seen a shift from traditional 1.5 MW class turbines to 2.0 MW and above where the pricing is firmer and there is more room for manufacturing cost reductions.

“We have already seen [wind turbine] pricing moving towards 4,000 yuan ($641) per kilowatt and would not be surprised to see the average price per kW exceeding that level by the end of 2013,” said Mr. Zhang.

The company also expects its first off-shore wind power project to begin construction as scheduled by the second half of this year, marking its entry into the off-shore market. – EcoSeed Staff

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