Coronavirus cuts €93m off Siemens Gamesa’s profit in the third quarter of the year

The pandemic is also expected to cut €1bn from the sales revenue of the wind turbine manufacturer in the full year

The impact of coronavirus has hit hard the wind turbine manufacturer Siemens Gamesa, which expects a cut of €93 million (£84.2m) off profits from April to June this year.

The pandemic is also expected to cut €1 billion (£910k) from the sales revenue in the full year.

The firm notes the onshore business was ‘severely affected’ by the unstable economic environment created by the pandemic.

This is attributed to delays in the signing of new contracts and other challenges, including the slowdown in India and Mexico and in the execution of projects in Northern Europe.

Andreas Nauen, CEO at Siemens Games. 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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