Gamesa swings to EUR 22m profit in H1 2013

Jul 24, 2013 - Spanish wind turbine maker Gamesa (MCE:GAM) said yesterday it had returned to a net attributable profit of EUR 22 million (USD 29.05m) for the first half of 2013, versus a loss of EUR 33 million a year earlier.

The company said the results were in line with its 2013-15 business plan to return to profitability, and together with its cost cutting initiatives and the introduction of new products would help it reach its projections for this year.

Consolidated earnings before interest and tax (EBIT) in the first six months of 2013 came in at EUR 66 million, up from EUR 14 million in the corresponding period of 2012. EBIT margin improved by 5.0 percentage points to 5.9%.

Sales, however, declined by 26.4% on the year to EUR 1.116 billion. Sales volumes slipped by 16.6% to 950 MWe, but were in line with the company's forecast for 1,800 MWe-2,000 MWe for full 2013. Latin America and the Southern Cone was high and the regions brought 48% of the total sales. Europe plus Rest of the World (RoW) and India accounted for 32% and 16%, respectively.

Gamesa saw its order intake in January-June standing at 1,547 MW.

(EUR 1.0 = USD 1.321)

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