Mixed results for LM Wind in Q2

DENMARK: LM Wind Power reported a 17% increase in turnover in the second quarter of 2014, but pre-tax profits fell by 18% compared to the same period in 2013.

Turnover up, profits down at LM Wind
Turnover up, profits down at LM Wind

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The Danish blade manufacturer posted a turnover of EUR 148.8 million for the second quarter, up from EUR 127.3 million in 2013.

But the company's pre-tax profits fell from EUR 24.6 million in Q2 2013 to EUR 20.2 million this year.

For the first six months of 2014, the company reported pre-tax profits of EUR 29 million – 10% down on last year, despite a 17% boost in turnover.

The company said revenue was boosted by increased sales in the US, and favourable markets in India and China. Lower profits were blamed on a slow production increase in Brazil during the first half of 2014.

LM's chief financial officer Damien Harte resigned In the quarter and was replaced my Nick Smith, a former CFO of French battery manufacturer Saft.

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