Sinovel Reports 72.8% Drop in Net Profit

Sinovel Wind Group has reported 72.8 per cent drop in its 2011 net profit, seeing revenues of RMB10.44bn ($1.6bn) down by 48.6 per cent, China Business News has reported.

According to Capitalvue.com, the company blames its disappointing performance to the growing competition within the wind power market, as well as regulatory adjustments and a clamp down on monetary policies.

In January 2011, Sinovel went public at a price of RMB90 ($14.3) per share, which resulted in the company raising RMB9.46bn ($1.5bn).

In addition to this, Sinovel won approval to issue RMB5.5bn ($872,420) of corporate bonds and issued RMB2.8bn ($444,141) of those bonds a month later.