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Profits up at Spain's Gamesa, but shares fall on factory halt
Madrid (AFP) Oct 22, 2008 Spanish wind turbine maker Gamesa Wednesday said net profits soared during the first nine months of the year but its share price plunged as it announced a temporary production halt at two factories. The company posted a comparable net profit of 143 million euros (189 million dollars) for January to September, a 67 percent rise over the same time last year, it said in a regulatory filing. Earnings before interest, tax, depreciation and amortisation (EBITDA) -- a key measure of profitability -- rose 36 percent to 367 million euros due to high sales volumes while revenues jumped 40 percent to 2.9 billion euros. Renewable energy operators are in a booming market because of high oil prices that have increased interest in alternative sources of power. Gamesa also announced it planned to halt production in two of its 32 factories for seven days in order to adapt production. "There has been no cancellation of orders," a company spokesman told AFP. He said that as the group had supplied all its clients for 2008 earlier than expected, and it is using the additional time to increase production. But the news sent its share price plunging 24.68 percent to 13.58 euros on the Madrid stock market by 1400 GMT in a market that was off 8.40 percent. In June the company signed a 6.3-billion-euro contract with a subsidiary of Spanish electricity generator Iberdrola to provide turbines for the company's wind parks in Europe, Mexico and the United States. The following month it signed a 200-million-euro to supply China Longyuan Electric Power Group and maintain them for two years, boosting its presence in China where it first entered in 2005. Gamesa had a global market share of over 15 percent of the wind turbine market last year, according to its web site. The company has 32 production centers located in Spain, China and the United States with an international workforce of around 7,000 employees. Community Email This Article Comment On This Article Share This Article With Planet Earth
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WPCS Completes Renewable Wind Energy Project
Exton PA (SPX) Oct 22, 2008WPCS International has announced that, through its Max Engineering subsidiary, it has completed a renewable wind energy project that encompasses the construction and installation of a wind turbine for Sherrard Community Unit School District located in Rock Island County, Illinois. |
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