The company gave a variety of reasons for the fall, including delays in commissioning caused by adverse weather, and a slowdown in market demand in China.
Ming Yang also said it expected to incur a loss of CNY 110 million ($17.5 million) CNY 120 million loss for Q1.
The poor Q1 results follow a difficult 2011 for Ming Yang. The company's profits for the year fell from CNY 709 million in 2010 to CNY 292 million, a 53% fall in profit.
As with Goldwind and Sinovel, which suffered bigger profit falls, Ming Yang blamed this on falling turbine prices in the Chinese market.
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