French Vergnet reduces net loss in H1 2013

Nov 4, 2013 - French wind turbines maker Vergnet (EPA:ALVER) said on Thursday it struggled with a net attributable loss of EUR 3.4 million (USD 4.5m) in the first half of 2013, narrowed from EUR 5.8 million a year earlier.

Operating loss was reduced to EUR 2.6 million from EUR 4.9 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 2.7 million, against a loss of EUR 1.9 million at the end of June 2012.

Revenue plunged 53% to EUR 34.5 million.

The wind energy division saw a drop of 58.3% in revenue to EUR 28.4 million, while the water and solar energy branch reported sales of EUR 6.1 million, versus EUR 5.2 million a year before.

Vergnet said that weaker-than-expected performances are expected in the solar activity by the end of 2013.
Amidst a tough environment both in Europe and Africa, Vergnet reiterated its objective to return to operating profit in 2014.

At 1238 CET today, Vergnet's shares had shed 1.15% to EUR 0.860 in Paris.

(EUR 1.0 = USD 1.351)

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