Xiangtan motor increased by more than 50%

Xiangtan Electric recently announced its 2010 semi-annual preannouncement of earnings increase. The net profit attributable to shareholders of the company increased by more than 50% compared with the same period of last year.

According to the statistics, the results disclosed in the same period last year were: net profit attributable to shareholders of the company was 54,775,328 yuan, and earnings per share was 0.23 yuan. Xiangtan Motor stated that due to the expansion of the sales scale of the company, especially since the end of 2009, the sales revenue of wind power systems has increased substantially. It is expected that the company's net profit attributable to shareholders of the company for the first half of 2010 will increase by more than 50% compared to the same period of last year.

As the related loan was repaid, Xiangdian Group Co., Ltd., the controlling shareholder of the company, applied for the cancellation of the pledge procedure at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. on July 29 and pledged the original pledge to the 20 million of CITIC Trust Co., Ltd. Restricted sale conditions of shares of the company's shares were lifted and the shares accounted for 8.51% of the company's total share capital. Not long ago, Xiangtan Motor's allotment application was approved by the Issuing Committee.