Wind Energy Leader Gamesa Sees Net Profits Soar

Net profit increased 67% from last year

Spanish wind turbine maker Gamesa, a sector leader, said on Oct. 22 its net profit soared during the first nine months of the year, reflecting continued strong demand in alternative energy sources despite the global financial crisis.

The company posted a comparable net profit of 143 million euros (US$189 million) for the period between January and September, a 67% rise over the same time last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) -- a key measure of profitability -- rose 36% to 367 million euros due to high sales volumes while revenues jumped 40% to 2.9 billion euros.

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% of the wind turbine market last year.

Copyright Agence France-Presse, 2008

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