Sinovel profits take a deep plunge

China’s largest wind turbine maker, Sinovel (SEHK:à‚ SINOVZ), saw its net profits plummet 96.25 per cent in the first half of this year.

The company cites sluggish demand and fierce competition impacting on the business, reporting a $3.89m profit for the first six months of 2012.

Wind turbine
In an effort to overcome the situation, Sinovel has tried reducing operating costs and tapping the overseas market, it said in a statement, seeing a resultant increase in overseas sales, up 9 per cent from 1 per cent of total company sales in 2011.

The company did not disclose exactly how much its overseas sales increased compared with the same period last year.

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