China: Jinpan International announced the fourth quarter 2013 results which show an increase in profit compared with the fourth quarter the year before.
More than 75 % of Jinpan's sales are from cast resin transformers and with the recent start up of their fourth manufacturing facility in China, Jinpan is now the largest producer of cast resin transformers in China by capacity. Over 80 % of the sales are within China, with demand driven by electricity consumption and infrastructure investment, associated with China’s overall industrialisation and urbanisation.
Jinpan's sales are driven primarily through supply relationships with global industrial electrical equipment manufacturers, reports Seeking Alpha.
The company's net sales for Q4 2013 were $ 63.1 million, an 18 % increase from the same period the year before. The annual revenue in 2013 was $ 225.7 million, over 7 % increase over the year before.
Jinpan exceeded their annual target producing 2.7 million kVA from the new Guilin facility which provided efficient cost structure necessary to advance the company's strong position within domestic market.
The growth momentum continued into 2014 according to the report, with steady demand during January and February. The company will continue to invest in research and development to support new product initiatives and new market development.