Shares rally

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NEG Micon disappointed stock brokers in Copenhagen with its annual report which revealed a drop in turnover from DKK 4.6 billion in 1999 to DKK 4 billion in 2000. Profit before tax, however, was DKK 62 million last year compared with a loss of DKK 630 million the previous year. The disappointing news prompted a drop in NEG Micon's share price, though they rallied after assurances from managing director Torben Bjerre Madsen that the company's deep financial crisis, the result of poor management and a series gear box failure, was over. This year the company expects to re-conquer its lost market share as a result of the crisis and predicts profits of DKK 200-250 million on a turnover of DKK 5.5 billion. NEG Micon is also expanding its share capital by DKK 1.6 million with an emission of new shares, primarily to overseas investors at market price, though presumably after the share price has risen again. The aim, according to Bjerre Madsen, is to increase company capital and widen the ownership base. Vestas, Denmark's other publicly traded wind company, was due to publish its annual report on March 28. Both companies are among the world's top five wind turbine manufacturers.

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