Siemens Gamesa reported a 7% fall in revenue to just under €2.7bn in the third quarter of 2017, together with a 21% drop in EBIT to €211m compared with the end of June 2016.
The manufacturer said the decline was the result of a “temporary downturn” in the market in India. The market in the Asian country has ‘shutdown’ pending a revamp of the auction system, it said.
However, the company reported an underlying net profit of €135m in the period.
Sales of turbines were also down at 1.95GW, impacted by the Indian market, as well as by “normal business volatility” in the offshore industry, Siemens Gamesa said.
Revenue increased 8% in the company’s operations and maintenance business to €300m, with 54GW covered globally.
Siemens Gamesa said it has accelerated its integration programme with synergies of €230m now the minimum. The company also expects to realise the gains after three years, one year earlier than previously announced.
The company said the Adwen platform will be integrated into the group’s broader offshore operations which will “allow it to better serve its customers and maximize business opportunities”.
The company expects global demand, excluding China, to increase by 8% by 2020 to 45GW from 36GW currently, with offshore growth annually of 24% to 2020.
Siemens Gamesa chief executive Markus Tacke said: “We are highly satisfied with the progress to date in integrating the two companies.
“Things are progressing at a rapid rate: our company is ready to compete and lead in a growing and challenging market.”
Siemens Gamesa also announced that Ricardo Chocarro has been named chief executive of the company’s onshore wind business.
He was previously CEO of Gamesa’s Europe, Middle East and North Africa Business.
Image: Siemens Gamesa
