The wind turbine manufacturer Siemens, Gamesa expects due to the Corona-crisis in the current quarter with further losses in the operating business.
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Due to the project costs and the impact of Covid-19 is expected to be adjusted Ebit (earnings before interest and taxes) in the third quarter to the end of June is negative, as the company announced late Wednesday evening in the Spanish Zamudio. Although the result should be in the following year the district again positive, but this may not be sufficient to negative development for the entire fiscal year, balance was the name of it. The share price collapsed.
In addition, the wind turbine manufacturer gets immediately a new boss. Andreas Nauen replaced according to Markus Tacke. The new CEO previously headed the Offshore business of the company and is now to stabilize promptly the business with wind turbines on Land. The chief change is considered by market observers to be positive. He is an experienced Manager, wrote to Akash Gupta, an Analyst at the US Bank JPMorgan described the news as “positive”. Because of the Profit warning the expert rated the stock however continues to “Underweight”.
Shares in Madrid-listed wind turbine manufacturer, fell on Thursday to around nine percent, to 13.88 euros. In spite of a significant price fall in the face of the Corona-crisis, from just under 17 to under 11 euros in March, had worked his way up the rating earlier in the course of a major order in France at the beginning of June, even up to just below the mark of 16 Euro high. The renewed profit warning to investors, however, are not good.
Already in the second quarter until the end of March, Siemens, Gamesa, under the strain of the Corona-crisis was a drop in profits. These additional costs came in the context of a weakening Indian market as well as for projects in Northern Europe. The bottom line is that the company lost between January and March of 165 million euros after a profit of 49 million euros in the previous year. In the first half of the fiscal year, the losses totalled 339 million euros.
The company is looking according to his own information on a strong order backlog at the end of March, it amounted to 28.6 billion euros and was thus 21 per cent higher than a year earlier.
From the German policy of encouraging signals for the wind power industry were last updated. For this Thursday’s planned adoption of the disputed regulation to the minimum distance between new wind turbines could stimulate the local business with wind turbines on Land at least partially. The Federal government indemnifies the countries according to the bill, whether you want to implement a minimum distance of 1000 metres for residential development.
At the beginning of June, the Cabinet already decided on the expansion target for Offshore wind power in the North sea and the Baltic sea, from 15 gigawatts to 20 gigawatts of power by 2030 raise.
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ZAMUDIO (Reuters)
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