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Profit tide turning for MHI Vestas

Deployment, new markets point towards break-even in 2018-19

Profit tide turning for MHI Vestas image

MHI Vestas expects to break even this year on the back of the success of its offshore wind turbine technology and expansion into new markets.

The Japanese-Danish joint venture said in 2017-18 accounts that the current year would be a “landmark” for operational earnings.

The company said it is “positioning itself for new markets while consolidating its position in core markets”. 

Going forward the manufacturer will focus on areas including a strong market offering and product development as well as exploiting the synergies offered by its parent companies.

MHI Vestas posted revenues of €940m in 2017-18, compared with €530m in 2016-17 while operational losses were €99m compared with €119m in the prior year.

The upfront cost of development and expansion of its 8MW (pictured) and 9.5MW platform were blamed for the red ink.

Image: MHI Vestas

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