Gamesa cuts sales forecast for 2010

SPAIN: Gamesa cut its 2010 turbine sales forecast in July as it announced major declines in revenue and profits for the first half of the year.

The Spanish company's sales for H1 2010 were EUR1.03 billion, compared with EUR1.62 billion for H1 2009 - a decline of 36.1%. Its net profits fell 66.1%, from EUR65 million in H1 2009 to EUR22 million in H1 2010.

Gamesa responded to the figures by revising its turbine sales forecast for 2010 down from its original projection of 2.7-3GW to 2.4-2.5GW. It also sounded a cautious note for 2011, targeting 2.7-3.3GW of turbine sales next year, compared with its previous target of more than 3.6GW, given in February.

The company attributed its poor performance to the weak global economy, regulatory uncertainty in Europe and the US, and seasonal fluctuations.

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