Vestas reports loss in half-year results

Vestas, the wind turbine manufacturer, traditionally sees modest earnings in the first half of the year, with most income generated towards the year’s end. This year is no exception, with a net loss of €231 million reported for the first six months, slightly worse than last year’s loss of €99 million. On Monday, preliminary results indicated that increased wages and material costs impacted the service business negatively by €300 million. Revenue dipped to just under six billion kroner in the first half, but management expects improvement later in the year, projecting annual revenue between 16.5 and 17.5 billion kroner, up from 15.4 billion kroner last year. The order book looks promising, totaling 63 billion euro, up by 11.4 billion euros from the same time last year.