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Danish wind power system firm Vestas posts losses for 2011
Feb 8, 2012, 10:57 GMT
Copenhagen - Danish wind power system company Vestas Wednesday reported a net loss of 166 million euros (220 million dollars) for 2011, its first loss since 2005, citing delays in deliveries and higher production costs.
Turnover was 5.8 billion euros, 16-per-cent lower than in 2010.
The group's share price fell 13 per cent on the Copenhagen bourse on the news.
The group recently announced plans to slash 2,335 positions, 1,300 of them in Denmark, as part of efforts to cut costs and streamline its business.
In its outlook for 2012, it expected turnover of 6.5 billion euros to 8 billion euros, including about 850 million euros in service revenue.
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