Sinovel announces third quarter losses

Chinese wind group Sinovel (SSE: 601558) has announced a profit loss of around $41.3m for the first nine months of 2012.

The company said the net profit loss was attributed to China’s macro-economic fluctuations and industrial policy adjustment, as the Chinese government is trying to control the pace of wind farm construction to prevent it outpacing growth of the grid.

Sinovel said, because of this, it was unable to deliver as many turbines to wind farm buyers as scheduled, despite orders at hand.

Delayed payments from turbine buyers along with financial costs and bad debts have also played a part.

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