Gamesa books EUR 33m loss in H1 2012

Jul 27, 2012 - Spanish renewable energy company Gamesa (MCE:GAM) swung to a net loss of EUR 33 million (EUR 40.6m) in the first half of 2012, versus a EUR 28.9 million profit in the same period of 2011.
Revenues grew by 27% to EUR 1.649 billion in the first half of 2012, Gamesa said in a statement yesterday.
Earnings before interest, tax, depreciation and amortisation (EBITDA) slumped by 80% to EUR 12 million. Earnings before interest and tax (EBIT) plunged by 94.5% to EUR 3 million.
Gamesa sold wind turbines with a combined capacity of 1,140 MW, due to delays in the approval and execution of new projects in China and greater demand volatility in India as a result of regulatory changes.
The company slashed its 2012 target for wind turbine sales to 2,000 MW from 3,200 MW announced in February.

(EUR 1.0 = USD 1.229)

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