Siemens’s wind and renewables business made a profit of €72m in the fourth quarter of the 2015 financial year, this compares with a loss of €60m in the same period last year.
Orders stood at €2716m between 1 July and 30 September, up from €1810m last year. Revenues were down slightly on the same quarter last year at €1504m, compared with €1636m in 2014.
The company said it received high volume from large orders, in particular, a €1.2bn order for an offshore wind farm in Germany. Orders were also boosted by onshore deals, Siemens said.
The fall in revenue was the result of a decline in the onshore business, although this was offset slightly by growth in the service business.
“Profitability reflects the revenue decline as well as reduction in offshore margins due in part to increased competition; Q4 FY 2014 included charges of €223 million related to inspecting, replacing and repairing wind turbine components,” Siemens said.
Image: orders were boosted by a €1.2bn deal for an offshore wind farm in Germany (Siemens)
Wind orders drive Siemens profit
Renewables unit back in black in fourth financial quarter of 2015
By EBS