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Wind turbine manufacturer remains in the red in Q1 2021.
- COVID-19 restrictions to blame.
- Revenue decreased by 12%.
Vestas Wind Systems, a wind turbine manufacturer from Denmark, has recorded deep losses in the first quarter of 2021. The losses are as a result of restrictions caused by the corona virus pandemic on strategic markets.
The company lost €71 million before tax and interest, a €54 million increase from the first quarter of 2020. Due to measures taken to contain the pandemic, the company saw an increase in supply chain and logistical challenges.
The company’s EBIT margin fell to a -3.6%. Last year the EBIT margin was -2.4%. Also, successful deliveries to customers amounted to 1,925 MW, a steep decline from 2,228 MW experienced in the first quarter of 2020. Vestas’ revenue dropped by 12% (to about €1.96 billion).