Wind energy giant Vestas swings to loss, sees geopolitical headwinds / Photo: SIMON MAINA - AFP/File
-
Online memorial for children dead in Hiroshima, Nagasaki
-
US Senate in final push to pass Trump spending bill
-
Asian stocks rise on trade deal hopes, Tokyo hit by tariff warning
-
Hong Kong rights record under fire as it marks China handover anniversary
-
Bangladeshis cling to protest dreams a year after revolution
-
Djokovic, Sinner enter Wimbledon fray
-
European security tops Denmark's EU presidency priorities
-
France expecting peak temperatures as heatwave hits Europe
-
Germany eye return to women's football summit at Euro 2025
-
'Every day I see land disappear': Suriname's battle to keep sea at bay
-
England feel pressure to perform at Euros as stars pull out
-
Clashes in Istanbul over alleged 'Prophet Mohammed' cartoon
-
India face 'last-minute' Bumrah call as they bid to level England series
-
Dortmund up against 'superstar' Ramos, aggressive Monterrey: Kovac
-
US judge orders Argentina to sell 51% stake in oil firm YPF
-
EPA employees accuse Trump administration of 'ignoring' science
-
US Senate in final slog towards vote on Trump spending bill
-
Over 14 million people could die from US foreign aid cuts: study
-
End of the line for Britain's royal train
-
FIFPro warns of 'wake-up call' over extreme heat at Club World Cup
-
Sean Combs sex trafficking jury ends first day without decision
-
Fluminense stun Inter Milan to reach Club World Cup quarters
-
Thailand's ruling political dynasty faces day of legal peril
-
NASA eyes summer streaming liftoff on Netflix
-
Trump dismantles Syria sanctions program as Israel ties eyed
-
Meta's AI talent war raises questions about strategy
-
Twenty bodies, some headless, found in Mexican cartel bastion
-
Gaza rescuers say Israeli forces kill over 50 as ceasefire calls mount
-
Alcaraz survives scare, Sabalenka cruises on Wimbledon's hottest opening day
-
Only Messi can shirk defending: warns Monterrey coach before Dortmund clash
-
White House says Canada 'caved' to Trump on tech tax
-
Eight-country coalition aims to tax luxury air travel
-
Wimbledon qualifier Tarvet vows to get creative with expenses
-
Iran unleashes 'wave of repression' after Israel war: activists
-
Alcaraz survives Fognini scare to launch Wimbledon title defence
-
Peace deal with Rwanda opens way to 'new era', says DR Congo president
-
Kneecap, Bob Vylan Glastonbury sets spark police probe and global criticism
-
'Starvation' days over as cyclists prepare to gorge on Tour de France
-
Gaza rescuers say Israeli forces kill 48 as ceasefire calls mount
-
Sabalenka boosted by hitting with Djokovic and Sinner at Wimbledon
-
Nigeria theme park offers escape from biting economy
-
Jury considers verdict in Sean Combs sex trafficking trial
-
Wall Street stocks rally further on trade and tax deal optimism
-
Sabalenka cruises on Wimbledon's hottest opening day as Alcaraz launches title bid
-
Bosch breaks through as South Africa set Zimbabwe huge target
-
S.Africa's ex-transport bosses charged over Zuma-era graft case
-
'No panic' says Medvedev after shock Wimbledon exit
-
Rescuers evacuate 50,000 as Turkey battles wildfires
-
ADB acting on US concerns over China, bank chief tells AFP
-
Archer misses out as England unchanged for second India Test
Wind energy giant Vestas swings to loss, sees geopolitical headwinds
Vestas, the world's number one wind turbine maker, said Thursday it swung to a 75-million-euro ($80-million) loss in the first quarter and warned "geopolitical volatility" would continue to cause uncertainty.
Revenue fell 5.2 percent to 2.68 billion euros in the first three months of the year, compared to the same period a year earlier.
Its net loss followed a net profit of 16 million euros in the first quarter of 2023.
The value of its order backlog reached a record high 61 billion euros.
"Financial results were in line with expectations," said Vestas chief executive Henrik Andersen.
"In 2024, continued geopolitical volatility is expected to cause uncertainty. Nonetheless, we expect a combination of higher installations and increased pricing to drive growth in revenue," the company said in its earnings report.
In turbine construction, the company, which employs more than 30,000 people worldwide, received new orders for a total capacity of 25.8 megawatts, compared with 20.6 MW a year earlier, taking its order book in this segment to 26.6 billion euros.
In Europe, the wind energy sector is struggling despite governments' ambitions to invest in renewable energy sources.
The sector is plagued by numerous problems, such as soaring interest rates, rising material costs and supply chain disruptions.
L.Durand--AMWN
