Hansen announces revenue fall alongside Sinovel deal

BELGIUM: Hansen Transmissions has announced a 12.6% revenue decline for the three months preceding March 31.

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The company, which incurred a 12% fall in earnings for the previous quarter, also revealed a net loss of €8.6 million compared to a net profit of €45 million. However, it has managed to reduce its debt from €188 million to €129 million.

Hansen has also signed a contract with Chinese turbine manufacturer Sinovel for ‘multi MW turbines'. The delivery of the first prototypes is planned for the end of 2010. Hansen will manufacture them at its new wind plant in Tianjin, China.

Speaking about the results Alex De Ryck, CEO of Hansen said: "We remain confident in the strong medium-term outlook for the global renewable energy market and although the past year has been challenging, we are beginning to see the first signs of recovery.

"We believe this trend will start to gain strength during the second half of the calendar year. We are in a strong position to benefit from the improving markets with well-invested state-of-the-art manufacturing capacity, an optimized supply chain and a restructured fixed cost base."

Former Hansen chief financial officer De Ryck took over the CEO position on March 31. He replaced Ivan Brems who has taken on a consultancy role with the company.


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