China-based Xinjiang Goldwind Science & Technology Co. Ltd. has announced its annual results for 2011.
During the reporting period, Goldwind generated revenues of RMB 12.75597 billion ($2.024 billion) and net profits of RMB 717.99 million ($113.92 million). Basic earnings per share for the year were RMB 0.23 ($0.0365).
After recent rapid development, China's wind power industry entered a period of adjustment in 2011 as regulations were established for systematic wind power management, the company notes, adding that this was a factor in its financial results for the year.
"Although our financial performance was negatively impacted by slowing slower market conditions, the group nonetheless achieved success in areas that are essential to sustaining our long-term development, including [research and development], quality control, order intake, services and international growth," says Wu Gang, Goldwind's chairman and CEO.
"Moreover, the group installed 3,600 MW in China during 2011, which represents a domestic market share of 20.4% – representing the largest market share in China – up from second largest in 2010, he adds. "We expect that after experiencing fierce price competition in the past year, the industry will gradually return to more rational competition.