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Germany

Germany

Nordex suffers EUR13.1 million 1H loss

GERMANY: Nordex suffered a €13.1 million loss on the first half of 2012 and the turbine manufacturer today blamed the losses on weak sales in its American and Asian markets.

Nordex  CEO Jurgen Zeschy... the loss was expected
Nordex CEO Jurgen Zeschy... the loss was expected

Despite a strong performance in its core European market, the firm's facilities in the Americas and Asia were running well below capacity in the first half of the year and this led to the €13.1 million loss, compared to a €1.6 million profit in the first of 2011.

The €31.1 million loss was on a first half revenue of €435 million, down from €442.7 million for the first half of 2011.

"This [loss] had been expected because we will not achieve sufficient capacity utilisation until the second half of 2012 to make an operating profit," said Nordex CEO Jurgen Zeschy.

"This is particularly true of the American and Asian markets, where we are currently feeling the effects of the weak economy in particular. By contrast our core market in Europe looks to be very promising, with double digit growth in sales and earnings."

Nordex posted 4.4% increase in sales to €421.1 million in the first half of 2012, up from €403.3 million in the first half of 2011. This growth was driven by the firm's core European market, where sales grew by 17.2% to EUR 338.2 million. At €522 million, new orders remained steady.

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