From Green Right Now Reports
China Wind Systems, Inc., which supplies forged rolled rings and other forged components to the wind power and other industries in China, today announced a record first quarter in 2010 as revenues increased 114.2 percent to $16.8 million.
Net revenue for the first quarter of 2010 increased 114.2% to $16.8 million, compared to $7.9 million in the same period of 2009, the company said. The increase was primarily due to strong sales growth of forged rolled rings for the wind power industry segment, as well as strong improvement in the dyeing and finishing equipment. Revenue from the sale of forged rolled rings to the wind power industry and other industries grew 173.5 percent to $11.8 million, or 70.4 percent of net revenue, compared to $4.3 million, or 55.1 percent of net revenue, in the same period last year.
Revenue from the sale of forged rolled rings exclusively to the wind power industry rose 155.2 percent to $7.0 million, representing 41.3 percent of net revenue, compared to $2.7 million, or 34.7% of net revenues in the comparable period last year.
“We are energized by the strong business momentum that marked the first quarter of 2010,” Jianhua Wu, Chairman and CEO of China Wind Systems, Inc., said in a statement “Given that China is expanding its wind energy capacity more than any other country in the world, we believe that demand for our forged components will continue to demonstrate high growth, particularly with our newly launched super-strength ESR products.”
Wu said the company has “experienced strong order flows, particularly for our forged components designed for the wind power industry.”
The company said it expects stronger sales of precision forged products used in large wind turbines. The company anticipates revenue contributed by its wind industry segment will increase by approximately 75 percent year over year to $35 million.