Suzlon posts slump of $214m
Indian wind turbine manufacturer Suzlon has posted a consolidated net loss of $214m in the third quarter of 2012-13, a four-fold increase on a loss of $53m a year ago. Revenue for the period fell 19.5% to $743m.
The Suzlon Group order book stood at approximately 5.7GW ($7.7bn) as of today, with new firm orders of 1104MW signed over the quarter. Significant orders in the period included 139MW for Cookhouse in South Africa and 359MW for EDF in Canada.
Elsewhere, management hailed the “strong growth momentum” of its German subsidiary Repower, which has seen revenues rise by more than 58% compared with the first nine months of the previous financial year.
Repower signed its largest onshore contract to date for the 350MW Riviere du Moulin wind farm in Quebec, topped 1GW of orders for the UK, entered the Romanian market and launched the 3.0-122 low-wind turbine.
Suzlon Group chairman Tulsi Tanti said: “Looking back, 2012 was a challenging year for the wind energy sector at large. While we anticipate that near-term challenges will continue to impact the industry over 2013, there are some green shoots across global markets. This gives us confidence in the medium-term outlook for the group and for the sector overall.”
Last month, Suzlon had its $ 1.8bn 9,500 proposal for the restructuring of its domestic debt approved by a consortium of 19 banks.
Image: Suzlon has posted a significant loss following a challenging period (Suzlon)