GE 1.5sl wind turbines. Photo by: General Electric (www.ge.com).
The renewable energy arm of US conglomerate General Electric Co (NYSE:GE) has experienced a 48% year-on-year drop in second-quarter (Q2) net profit to USD 82 million (EUR 70.2m).
The company blamed the decrease on “a challenging price dynamic in the market”. The profit margin of the segment decreased to 5% from 6.8%.
GE Renewable Energy saw its Q2 revenues decline by 29% on the year to USD 1.65 billion, with orders going down 15% to about USD 1.74 billion.
For the first half of the year, GE Renewable Energy posted a 30% fall in net profit to USD 159 million, with a profit margin of 4.8%, on revenues of some USD 3.3 billion, down 19%. Orders for January-June 2018 were flat at USD 4.16 billion.