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Siemens Gamesa profits drop €93mn in third quarter

The wind turbine manufacturer is expected to lose €1bn from its sales revenue in 2020 due to the Covid-19 pandemic.

|Jul 31|magazine2 min read

The €93mn (£84.2mn) loss in profits relates to the period April - June this year, when businesses were hardest hit by the emerging coronavirus pandemic. Siemens Gamesa has announced that the company’s onshore business was severely disrupted during this quarter, particularly in its projects in Mexico, India and northern Europe.

Andreas Nauen, CEO at Siemens Gamesa said: “We are navigating a complicated period, as an industry and as a company and the numbers we have presented today reflect that.

“Nevertheless, we are already taking measures to turn the onshore business around and return to profitability. The long-term outlook for our business is promising and our company has the technology and people needed to play a major role in developing a recovery underpinned by clean energies that help combat the effects of climate change.”

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