By Renewable Energy Focus staff
At the same time, revenues fell 17.7% to €758m and the EBIT dropped 21.1% to €44.4m. The number of supplied and installed wind turbines decreased 5% to 628 MW.
REpower says the decline in profits is mainly due to a number of wind power projects being postponed – often due to outstanding funding commitments.
“Excess capacity on the wind energy market remains high, which is expected to lead to further pressure on prices and margins for onshore wind turbines in 2011,” the wind turbine company epxlains.
“The Executive Board has therefore commenced extensive cost-cutting measures such as the purchase of components at lower prices in Asia.”