China Wind Systems net income up 36.9%

China Wind Systems net income increased 36.9% year-over-year to $2.7 million. It's operating income increased 24.1% year-over-year to $3.6 million

A leading supplier of forged rolled rings and other forged components to the wind power and other industries and industrial equipment primaril, the company financial highlights in the first quarter olf 2011 also include an increase of revenue of 4.3% year-over-year to $17.6 million.
 

Revenue from the sale of forged products to the wind power and other industries also increased 13.2% year-over-year to $13.4 million, or 76.4%; and revenue from the sale of forged products exclusively to the wind power industry increased 46.5% year-over-year to $10.2 million, or 58.0% of revenue.

"During the first quarter of 2011, sales to the wind power industry increased as we expanded our customer base and delivered large scale orders of forging equipment used in the wind power industry. As a result of our increased focus on the wind power segment, sales of our forging equipment to other industries continued to soften," commented Mr. Jianhua Wu, Chairman and Chief Executive Officer of China Wind Systems. "During the quarter, we continued our efforts to capitalize on the attractive growth opportunities in the clean energy sector. We recently received two follow-on purchase orders of solar chamber subassemblies worth $1.1 million."