China Ming Yang Wind Power Group Limited (“Ming Yang” or the “Company”), a leading wind turbine manufacturer in China, announced its preliminary unaudited financial results for the first quarter ended March 31, 2012.
The Company’s financial statements for the first quarter of 2012 have not been finalized and are subject to completion of its normal period-end closing procedures. Therefore, the preliminary selected unaudited financial data set forth below may be subject to adjustment and the actual results could differ materially from the preliminary results provided below.
Revenue for the first quarter of 2012 is expected to be between RMB400.0 million (US$63.5 million) and RMB410.0 million (US$65.1 million), a decline of approximately 70% year-over-year due to delays in the installation and commission of its wind turbine generators on a number of wind farm projects, caused in part by adverse weather conditions, and a slowdown of overall market demand in China. Gross margin in the first quarter of 2012 is expected to be approximately 10%.
As a result, the Company expects to incur a total comprehensive loss for the first quarter of 2012 between RMB110.0 million (US$17.5 million) and RMB120.0 million (US$19.1 million).
The Company is continuing to review its first quarter results and plans to announce its unaudited financial results for the first quarter of 2012 on June 1, 2012. The earnings press release will be available on the Investor Relations page of the Company’s website.
Following the earnings release announcement, Ming Yang’s senior management will host a conference call on Friday, June 1, 2012 at 8:00 am (Eastern Time)/ 5:00 am (Pacific Time)/ 8:00 pm (Beijing Time) to discuss its results and recent business activities.
[mappress]
Offshore WIND staff, May 25, 2012; Image: mingyang