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Spain

Spain

Gamesa continues 'double-digit' growth

SPAIN: Emerging market sales contributed to Gamesa's 82% year-on-year increase in net profit in its 2016 first quarter results - the company's tenth consecutive quarter of "double-digit growth".

Gamesa recorded an 82% increase in net profit in Q1
Gamesa recorded an 82% increase in net profit in Q1

The company reported a net profit of €80 million for the first quarter of 2016, excluding the impact from its Adwen offshore joint venture. Including Adwen, net profit was €72 million, Gamesa said.

Earnings before interest and tax (Ebit) was €119 million – an increase of 81% year-on-year and the manufacturer's highest quarterly Ebit.

"Ten consecutive quarters of double-digit growth in activity ratify Gamesa's competitive position based on geographical diversification," Gamesa said.

Gamesa said the results were due to strong sales. A 34% growth in turbine sales revenue helped boost the company, whilst servicing remained stable.

The company's focus on emerging markets helped increase its sales total. By MW, Latin America made up 27% of Gamesa's sales in the quarter, followed by India (26%).

The strong start to 2016 follows an 85% increase in net profit Gamesa recorded in 2015.

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