Sinovel Wind Group forecasts 2010 profit to grow 50%

10:11, January 19, 2011      

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Sinovel Wind Group Co's 2010 net profit is estimated to grow to 2.84 billion yuan ($431.42 million), up 50 percent over the previous year's 1.89 billion yuan ($287.11 million), a statement to the Shanghai Stock Exchange showed Tuesday.

Sinovel shares ended up slightly on the Shanghai Stock Exchange to close at 74.51 yuan ($11.32) Tuesday.

Last Thursday, the turbine maker launched its IPO in Shanghai, with its price set at 87 yuan ($13.22) per share, the highest issue price so far of all shares listed with the Shanghai Stock Exchange.

"Its poor performance means that investors are not confident about the country's wind industry," said Lin Boqiang, director of energy research with Xiamen University.

Founded in 2006, Sinovel became the country's largest wind turbine maker based on installed capacity in 2008, and is now the world's No.3 after Spain's Vestas and GE of the US. The country's installed wind turbine capacity doubled from 2006 to 2009. The speed slowed last year, though it still grew 62 percent from 2009 to total 41.8 gigawatts, overtaking the US to be No.1 in the world.

Source: Global Times
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