Gamesa announces €49 million nine-month net loss

SPAIN: Gamesa has announced a €49 million loss and a 17% decline in megawatt sales for the first nine months of 2012.

The company said that high orders this year in Latin America (30% of total sales) and the US (24% of total sales) offset declines in Europe, India and China.

Gamesa's US sales were largely the result of a 480MW supply deal with Algonquin Power. The contract was included in Gamesa's sale of a 51% stake in four of its US wind farms.

Poor sales in China have been caused by grid-issues while regulatory uncertainty has impacted India. As a result, China accounted for just 6% of sales and India for 13%.

Firm orders are at 1,578MW with around 600MW to be delivered in 2012. Consolidated sales were at €2.294 billion.

Last month, Gamesa revealed plans to cut 20% of its global workforce between now and Q1 2013 as part of a global restructuring plan.

The cuts will be mainly in China, the US and Europe, totalling around 1,800. Spain is likely to take the brunt of the European job losses with 500 redundancies.