German industrial group Siemens’ (ETR:SIE) pre-tax profit from continuing operations at the Wind Power and Renewables division nearly tripled to EUR 143 million (USD 159m) in its third fiscal quarter through June.
The result compares to a profit of EUR 51 million a year ago. The increase was due to higher revenues, a more favorable revenue mix, and reduced production and installation costs, the company said today.
The Wind Power and Renewables revenue grew to a new quarterly high of EUR 1.72 billion, up from EUR 1.42 billion a year ago. Siemens saw growth in both the offshore and onshore wind segments, and in the service business.
The order backlog is also at a new high, the company said, thanks to higher volume from large orders. These include a EUR-1.4-billion deal for an offshore wind park in the UK and a EUR-0.5-billion order for a project in German waters. Orders in the reporting period reached EUR 2.73 billion, which compares to EUR 693 million a year back.
In June it was announced that Siemens and Spain’s Gamesa (BME:GAM) have, following six months of negotiations, signed a binding deal to merge their respective offshore and onshore wind power businesses. Siemens will get 59% in the combined group. The deal is awaiting the green light by Gamesa’s shareholders.
Source: SeeNews
