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Spain

Half-yearly profits for Gamesa

Spain's Gamesa has announced net profits of EUR 136 million for the first half of 2003, a 348% increase on the same period last year. Turnover was up 96% at EUR 763 million. Aeronautics, once Gamesa's core business, turned over just EUR 128 million; the rest came from wind. Gamesa has raised its end-year sights and hopes to finish 2003 with net profits of around EUR 200 million, 47% up on 2002. The boost is largely down to the corporation's new branch of business: selling complete wind farms. The sales are brokered by its project development wing, Gamesa Energía. The bulk of Gamesa Energía's EUR 490 million revenue came from the sale of 395 MW of operating wind plant to utility Iberdrola and 65 MW to Japanese corporation, Marubeni. Meanwhile, turbine division Gamesa Eólica put up 433 MW, 17% more capacity than the same period last year, bringing a 14% improvement on turnover at EUR 261 million. Gamesa Eólica forecasts total turbine sales of 1200 MW for year-end 2003.

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