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Gamesa’s net profit fell 75% in Q1 2010

Spanish wind turbine maker Gamesa’s net profit fell 75% in the first quarter of 2010 to €8 million in a difficult macroeconomic environment.

Revenues were down 43% to €474m despite an order increase of 21% to 530 MW compared the same quarter in 2009.

Gamesa says the fall in revenue is a result of “the weak global macroeconomic and financial situation and regulatory changes in 2009 (which put a brake on overall demand for wind turbines), the slowdown in the industry in Spain, the sharp seasonal fluctuations expected this year, and the company’s focus on aligning production with customer orders and deliveries.”

International markets accounted for 80% of sales. China accounted for 18%, India 3%, Europe 32%, the USA 14% and the rest of the world 13% of sales.

Revenues from Gamesa’s wind O&M division rose 50% to €60m. Gamesa now operates and maintains 12 GW of wind power for 130 customers worldwide.

Operating profit (EBIT) halved to €23m.

Outlook

Gamesa did not give a financial outlook for the year, but say the wind power industry has “strong growth fundamentals in the medium term.”

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