Vestas unveils a further 3,000 jobs cut

08/11/2012 13:00 Renewable

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Vestas, the Danish wind turbine maker, announced it will cut a further 3,000 jobs, planning to reduce its total headcount to 16,000 by the end of 2013.

The job cuts came after Vestas unveiled its results, showing that its third-quarter loss almost trebled to €175 million ($224 million) amid stiff competition and a market slowdown. Its earnings before interest and tax (EBIT) before special items reached 13 million euros, far below an average forecast for a 53.2 million profit, according to estimations made by Reuters. Vestas said revenues for the third quarter had increased 49 per cent year-on-year to just under €2billion, while it also recorded two consecutive profitable quarters with pre-tax profits hitting €13 million. Vestas shares tumbled 13 percent to 26.65 kroner at the close of Copenhagen trading, a three-month low, after falling as much as 17 percent, the biggest intraday drop since January 4.

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