Gamesa Regains Operating Profitability, Reduces Debt

Posted by NAW Staff on July 30, 2012 No Comments
Categories : FYI

Gamesa has announced that it has regained operating profitability and has reduced debt ahead of schedule.

The outlook for demand and the delays in the inflow of orders from Asia, as well as the strategy of matching manufacturing to the order intake, have prompted the company to adjust its guidance for sales and margins in the wind turbine business this year: sales of 2.0 GW and break-even at the recurring margin.

The company's revenues were up 27.1%, at 1.65 billion euros, in the first half of the year, but its net profit was down 33 million euros.

Gamesa sold 1.14 GW of wind turbines in the first half of the year. The company's service division has 18.204 GW under maintenance (1.904 GW in the last six months) and revenue of 152 million euros.

Gamesa says the persistence of adverse economic and sector conditions continue to erode the company's results; however, it says it recovered operating profitability in the first half of the year.

As of June, the company's recourse debt stood at 729 million euros, while more than half of the consolidated debt of 938 million euros is associated with the development of wind farms already sold and scheduled for delivery in the second half of the year.

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