China’s largest wind turbine maker, Sinovel (SEHK: 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.
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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