
Shares in Danish company Vestas, the world leader in the wind turbine industry, plunged by 20 percent on Monday after the company issued a full-year profit warning over delays on several projects. "The commissioning of Vestas' new generator factory in Travemuende, Germany is not progressing as planned ... Vestas has chosen to postpone the handing over of a number of projects, primarily in Europe," it said in a statement. Vestas said the changed delivery plans for the rest of 2011 meant that it now expected full-year sales to come in around 6.4 billion euros ($8.9 billion), down from the previously expected 7.0 billion. The margin on earnings before interest and tax, or EBIT, was to come in at 4.0 percent for the full-year, instead of 7.0 percent. The Vestas share was down by 20 percent in midday trading at 89.20 kroner on a Copenhagen exchange down by 2.25 percent. The company said that "disruptions in production and not least the practical challenges in relation to installation of turbines during the last months of the year, like for instance weather risks, lack of grid connections and corresponding incidences, may still cause further delays affecting Vestas' results for 2011." Vestas' chief executive Ditlev Engel stressed the projects "will of course be completed during 2012" and added that "earnings on the individual projects are still satisfactory." The company also released its third quarter earnings early, showing a net loss of 60 million euros compared to a profit of 187 million a year earlier. Sales for the period dropped to 1.34 billion from 1.92 billion a year ago.
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor