Wind Turbine Maker Gamesa Sees Profit Increase 45%

Feb. 26, 2009

Sale of solar power unit pushed up profits

Spain's Gamesa, one of the world's top wind turbine manufacturers, reported on Feb. 26 that net profits surged 45% in 2008 to 320 million euros (US$408 million), helped by the sale of its solar power unit.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) -- a key measure of profitability -- were up 40% at 495 million euros and sales rose 27% to 3.651 billion euros.

The group last year sold its solar power unit to the U.S. private equity firm First Reserve Corp. for 261 million euros, as part of moves to redirect its business from solar to wind energy.

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