BEIJING (dpa-AFX) - China Ming Yang Wind Power (MY), a wind turbine manufacturer, Tuesday said fourth-quarter attributable profit was 84.29 million yuan or 0.66 yuan per share ($0.11 per share), compared to a loss of 411.33 million yuan or 3.36 yuan per share last year.
Revenue climbed to 1.996 billion yuan or $321.7 million from 541.2 million yuan in the previous year.
Chuanwei Zhang, Chairman and CEO, said, 'We are pleased with our performance in the year of 2014, in particular the fourth quarter when we saw record sales volume of WTG products in terms of power capacity, and realized nearly RMB2 billion in revenue.'
For the quarter ended March 31, 2015, the firm expects revenue to be in the range of 1.2 billion yuan to 1.3 billion yuan, and net income to be in the range of 36 million yuan to 40 million yuan. The first-quarter is typically a seasonally slower period primarily due to the long public holidays in China as well as the customers' wind farm construction progress which is generally slow during winter time.
For the fiscal, revenue is expected in the range of 7.2 billion yuan to 8.0 billion yuan, representing an increase of 23 to 36 percent from the previous year.
Net income is projected in the range of 290 million yuan to 320 million yuan, representing an increase of 26 to 39 percent from the prior fiscal's net income excluding gain on loss of control of GWPL.
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