Sinovel says net profit fell to $38 million in Q3

11/2/2011 | RechargeNews.com (tiered subscription model)

Sinovel Wind Group said that its net profit dropped to $38 million in the third quarter as intense market competition pushed down sales income and profit margins. Net profit for the first nine months of 2011 fell 48.5% to $141.7 million, the company said. "[M]acroeconomic cyclical fluctuations as well as delays to some project approvals impacted sales revenues and also caused a relatively large increase in management costs," the company added in its report.

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