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Spain

Spain

Gamesa doubles profits in first half of 2014

SPAIN: Gamesa doubled its net profit over the first half of 2014 setting it on course to hit its full-year targets.

Gamesa is looking to markets further afield as it struggles in Spain
Gamesa is looking to markets further afield as it struggles in Spain

The Spanish manufacturer recorded profits of EUR 42 million, but while revenues also climbed, they did so at a less steep rate, hitting EUR 1.3 billion, 13% up on last year.

But cost cutting also played its role in increasing Gamesa's profits, with the company saying gains were down to its "effective strategy to optimise variable costs and improve fixed costs".

With a 24% increase in sales in MW, Gamesa said it is confident of hitting its 2.4GW target for the full year.

Operations and maintenance showed the strongest growth in revenue, up 18% on last year to EUR 212 million.

The US accounted for 20% of revenues, while emerging markets such as India and Latin America continue to play a key role, accounting for 30% and 36%, respectively. Europe and the rest of the world accounted for 13%.

In the first half of 2013, Europe and the rest of the world accounted for 32% of total revenues. This reflects Gamesa's move away from its home market of Spain due to the collapse of the wind industry there, in search of alternative markets.

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