Siemens wind division profits hit

GERMANY: Number one offshore manufacturer Siemens saw its wind division's profits slide by 26% to EUR 126 million in the first 9 months ended June 30th 2013, compared with EUR 170 million in the same period last year.

Revenue over the first nine months to 30 June fell 1% to EUR 3.56 billion from EUR 3.6 billion in the comparable period of the previous year, according to the company on 31 July 2013.

The company's Power Transmission division was hit with a Q3 loss of EUR 49 million, which included charges related mainly to grid connections to offshore wind farms totalling EUR 26 million.

EUR 91 million in costs for inspection and retrofitting turbine blades mainly in the US after blade failures earlier this year "held back profits" at Siemens in the third quarter, 1 April  to 30 June compared with the same period in the previous business year, the company revealed.

Third quarter profit at Siemens Wind Power reached just EUR 21 million, compared with the EUR 66 million clocked up a year earlier.

At EUR 1.37 billion, third quarter wind power revenue was also down 2% on the equivalent previous year figure of EUR 1.4 billion, mainly due to the sharp slowdown in US onshore wind business, the largest national market for the division, Siemens said.

Incoming orders for the wind division in the third quarter were however up 22% to EUR 631 million after EUR 518 million in the equivalent period of the previous year.

Incoming orders over the first 9 months to 30th June 2013 showed a substantial improvement, reaching EUR 5.08 billion or almost double the EUR 2.63 billion reported for the same period of 2012.




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