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Siemens Gamesa ekes out fourth-quarter profit, but posts annual loss

Published 11/05/2020, 01:19 AM
Updated 11/05/2020, 01:20 AM
© Reuters. FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio
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MADRID (Reuters) - Wind turbine maker Siemens Gamesa (MC:SGREN) said on Thursday it expected to steadily fatten margins over the next three years, even though a timid return to operating profit in the fourth quarter was not enough to save it from an annual loss.

Beset by a slowdown in the Indian market, cost overruns in Northern Europe and disruptions linked to COVID-19, the German-Spanish company reported a net loss of 918 million euros ($1.08 billion) for its fiscal year ended September.

© Reuters. FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio

($1 = 0.8522 euros)

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