Offshore turbine manufacturer MHI Vestas has recorded its first-ever annual profit, according to joint venture partner Vestas.
The company booked a net profit of €26m for 2018, turning around a loss of €126m in the year-ago period.
“Since the launch of the joint venture in 2014, 2018 was the first year in which it generated a positive net profit on a stand-alone basis, highlighting a successful ramp up of the V164 turbine,” said Vestas in annual results.
Revenue for the year was €1.1bn, a slight 3.4% decrease on 2017. The company’s order backlog stands at 3.8GW.
Vestas said the manufacturer, a joint venture with Mitsubishi Heavy Industries, will double revenue over the coming four-year period “while continuously improving profitability”.
“In addition, the ambition is to build a leading offshore service business from the growing installed base,” said Vestas.
“In 2019, MHI Vestas Offshore Wind will build on its operational track record as three new V164 projects will be installed – the 370 MW Norther project, the 224 MW Northwester 2 project in Belgium and the 252 MW Deutsche Bucht project in Germany.”