Chinese wind turbine manufacturer Goldwind has reported a net loss of RMB 33.6 million for the third quarter.
According to financial firm Jefferies, Goldwind's revenues for the third quarter were RMB 2.46 billion, which represents a 42% drop from the third quarter of last year but a 38% increase over the second quarter. The company's gross margins were flat compared to the second quarter, Jefferies adds.
Goldwind's third-quarter loss was driven primarily by a lack of sales during the period and a slowdown in wind turbine installations, according to Jefferies.
At the end of the third quarter, Goldwind had a total backlog of 7.6 GW, with 5 GW of orders under contract and 2.6 GW of bids awaiting final contracts. However, the company reduced its debt from RMB 7.0 billion in the second quarter to RMB 6.1 billion at the end of the third quarter.