UK Clipper Windpower sees net loss narrow in H1 2010
(ADPnews) - Sep 20, 2010 - UK wind turbine maker Clipper Windpower Plc (LON:CWP) said today it expected a net loss of USD 26 million (EUR 20m) to USD 30 million for the first half of 2010, compared to a net loss of USD 120.2 million a year earlier.
Revenue for the period is seen to drop to USD 150 million-154 million from USD 357.3 million, as sales declined to 43 turbines in the current period, from 127 turbines in the first half of 2009. The falling figures are in line with the company's expectations, Clipper Windpower said.
Weak turbines sales came as a result of Clipper's past inability to provide warranty coverage on its products, the company said. However, the company booked active proposals for 1,750 MW turbines and some 2,750 MW proposals in negotiations, driven by its expansion outside the US and its recent warranty support agreement with United Technologies Corp (NYSE:UTX).
The company confirmed an earlier forecast of orders for the full year reaching 140 to 180 turbines, or 350 MW to 450 MW. Deliveries are seen to be at the lower end of the range waiting confirmation of customers’ project timelines.
Clipper is to release its interim report on September 30.