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Spain

Spain

Gamesa returns to profit in Q1

SPAIN: Gamesa has made a Q1 net profit of EUR 7 million, following a EUR 19 million loss for the same period in 2012.

The company said the figures were a result of its 2013-15 business plan that was set out last year. However, the firm said it had been hit by a reduction in orders as a result of the downturn in the US and China.

Additionally, Q1 revenue decreased by 12% to EUR 491 million compared to the same period last year.

The 446MW in orders were in line with the 2013 guidance, but were 13% lower than in Q1 2012. Latin America accounted for 53%, the largest proportion of orders. Europe followed on 20%.

Orders from the US and China declined to 8% and 1% respectively. However, the performance of the company's operations and maintenance division improved, with revenues increasing by 18% to EUR 86 million, while the number of megawatts under maintenance increased by 12% to 19,513MW.

In May last year, Gamesa was hit by a €21 million first quarter profit fall. At the time it said the poor figures were the result of falling prices and costs related to new product development.

The company was hit its first ever negative three quarter result in 2012 — a EUR 67 million profit loss between January and September.

In announcing its current strategy, Gamesa said its hopes lie in the recovery of its two key industrial hubs and markets of the US and China. Beyond that, the company's business plan to 2015 shifts the focus to emerging markets, especially Latin America and India, where it expects to combine 70% of its business next year, up from 5% in 2006.

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