Signs of recovery for Ming Yang in Q1
CHINA: After a difficult 2013, Ming Yang has made a bright start to the year, posting strong results for the first quarter showing profit, revenue and orders up.
The Chinese manufacturer saw its revenue increase by 52% compared with a year earlier, to hit CNY 1.2 billion ($194 million). This was largely due to an increase in the number of turbines commissioned during the period, the company said.
This helped lift profit from a meagre CNY 3.6 million in Q1 2013 to CNY 187 million for the latest period despite a 44% increase in the cost of sales, which was counteracted by a 38% fall in financial expenses.
In a positive sign for the future, orders were also up. The company logged new orders for turbines with a capacity of 672MW, largely for its workhorse 1.5MW turbine. This compares with 349MW for the same period last year.
Ming Yang posted its third annual fall in profit in a row when it revealed its 2013 results in April. This was largely due to a depression of the gross margin, but in these latest results the margin hit 15.7%, an increase of 4.6 percentage points on Q1 2013.