LM Wind Power made a loss of €1.2m in the third quarter of 2015, compared with a profit of €5.5m in the same period last year.
The loss was attributed largely to the company’s Brazilian joint venture. During the third quarter, the company signed an agreement with its joint venture partner to purchase the remaining interest in its Brazilian Joint Venture LM Wind Power do Brasil.
LM did experience EBITDA growing 26.6% to €27.6m in the period compared with €5.8m last year.
The main reason for the increase was improved margins and the depreciation of the euro, the company said.
Sales stood at €191.1m in the third quarter and increase of €42.1m on 2014. LM Wind said Chinese and European markets delivered double-digit growth and India single digit growth.
However, there was a declined in the Americas, which was due to changeovers to longer blades at its US plants rather than a fall in demand.
Image: LM Wind blade factory (LM Wind)
