Business / Companies

Sinovel Wind gives fourth-quarter loss alert

By LYU CHANG ( Updated: 2014-01-09 16:14

Sinovel Wind Group Ltd, China's largest wind turbine manufacturer, said on Wednesday that it may suffer a fourth quarter loss in net profits.

The statement followed a suspension of Sinovel's shares on the Shanghai Stock Exchange due to its delay in posting financial results, according to the Shanghai Stock Exchange.

The Beijing-based company has been enduring rising debt levels, higher financing costs, slow client payments and declining wind turbine installations. It reported a 45 percent drop in sales and a net loss of $115 million for the first three quarters of 2013.

In April, the company shut four international subsidiaries due to a lack of development potential, a move seen by insiders as a setback in its globalization efforts. Its ability to grow its business and collect on outstanding commitments is also being hampered by an investigation by securities regulators.

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