MHI Vestas expects to break even this year on the back of the success of its offshore wind turbine technology and expansion into new markets.
The Japanese-Danish joint venture said in 2017-18 accounts that the current year would be a “landmark” for operational earnings.
The company said it is “positioning itself for new markets while consolidating its position in core markets”.
Going forward the manufacturer will focus on areas including a strong market offering and product development as well as exploiting the synergies offered by its parent companies.
MHI Vestas posted revenues of €940m in 2017-18, compared with €530m in 2016-17 while operational losses were €99m compared with €119m in the prior year.
The upfront cost of development and expansion of its 8MW (pictured) and 9.5MW platform were blamed for the red ink.
Image: MHI Vestas
Profit tide turning for MHI Vestas
By EBS