Xinjiang Goldwind Science & Technology Company was hit by a slower wind power market and falling prices for wind turbines in 2011, recording a 73.5% decline in total profit and a 76.77% fall in net profit attributable to share holders.
Goldwind did not provide further financial details, but said the fall in profits was in line with its forecast of a 50-100% tumble.
The company was also hit by uncertainties in the domestic Chinese wind market, as the industry was awaiting new regulations.
On 30 December, the Chinese Government approved the Regulations for Wind Farm Connection to Power Grid Technology (GB/T19963-2011), which together with Design Regulations for Large-Scale Wind Power Connecting to the System, clarify requirements for wind farm grid connections.
Goldwind Chairman and CEO Wu Gang, says: "As the wind power industry implements higher standards, Goldwind continues to focus on technological innovation and improving product quality. We have become a more diversified wind power company, expanding into overseas markets. We have strengthened our ability to respond to potential risks in the market and enhanced our competitive advantages, in order to maintain our leading position in the global wind market."
Goldwind says it has already upgraded 5000 units “to satisfy and exceed the national requirements for low-voltage-ride-through (LVRT)”.