Theolia shares plunge 10.62% on Friday in Paris

(ADPnews) - Sep 6, 2010 - French wind power project developer Theolia (EPA:TEO) saw its shares slip by 10.62% to EUR 1.43 on Friday at close in Paris as it disappointed investors with the release of its earnings for the first half of 2010.

The company said its net loss increased to EUR 24.2 million (USD 31.2m) from EUR 14.1 million a year earlier on the difficulties, experienced in the past.

Moreover, in the first six months, Theolia swung to an operating loss of EUR 8.3 million versus an operating profit of EUR 1.97 million in the first half of 2009.

CEO of the wind power project developer, Fady Khallouf, stated the group would keep its cost-reduction strategy. At the same time, it would invest in profit-generating projects and therefore it would focus on activity streamlining.

(EUR 1.0 = USD 1.290)

Choose your newsletter by Renewables Now. Join for free!