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Spain

Gamesa reports 77% profit increase for 2016

SPAIN: Gamesa has reported net profit of €301 million for 2016, a 77% increase on 2015, due to a 36.2% increase in sales volume.

Gamesa's sales volume increased 36.2% to 4.3GWe in 2016
Gamesa's sales volume increased 36.2% to 4.3GWe in 2016

The Spanish manufacturer, soon to be a part of the Siemens Group, reported revenues of €4.6 billion for its full 2016 financial year — an increase of 31% year-on-year.

Sales totalled 4.3GWe — up 36.2% — and were mostly in the company's core markets of India (38%) and Latin America (24%).

Europe, the Middle East and Africa was its third largest region, contributing 17% to the sales volume, with the US (12%) and Asia-Pacific (9%) making up the rest.

Earnings before interest and taxes (Ebit) totalled €477 million, increasing 47.9% compared to a year earlier, surpassing the company's outlook for 2016.

Turbine order intake amounted to 4.69GW in the year, a third of which was secured in the final quarter of the year, the manufacturer said.

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