Wind power company Vestas reduces its net loss by 93% in the first nine

The wind turbine manufacturer Vestas presented this Wednesday a net loss of 71 million euros in the first nine months of the year, 93% less than in the same period of 2022.

The reduction in loss was driven by an increase in activity levels and a higher gross margin, explained Vestas, one of the world’s leading wind groups.

The result of the first nine months of 2022 had been marked by the closure of the business in Russia due to the war with Ukraine and adjustments in production in India and China.

Net operating profit (EBIT) was 67 million, compared to a loss of 1,155 million a year earlier.

Billing amounted to 10,611 million euros, which represents a year-on-year increase of 9%.

The power produced was 9,358 megawatts, 8% less year-on-year, and the installed power was 8,789 megawatts, 2% less.

In the third quarter, Vestas earned 28 million euros net, compared to a loss of 147 million in the same period in 2022.

The ebit was 69 million, when a year ago the Danish group had lost 114 million.

Billing amounted to 4,353 million, 11% more.

The power produced was 2,719 megawatts, 11% more, and the installed power was 3,641 megawatts, 2% more.

“Vestas’ positive momentum increased in the third quarter of 2023 and we continued the gradual improvement of our execution and profitability,” the firm’s CEO, Henrik Andersen, said in a statement.

Vestas highlights in its forecasts that it expects to make a profit in its next annual result.