Page last updated at 16:17 GMT, Tuesday, 27 October 2009

Wind turbine maker's profits soar

Wind turbines
Vestas says the market for wind turbines is beginning to improve

Vestas, the world's largest wind turbine maker, has reported a big jump in quarterly profits after increasing deliveries of turbines.

Net profit for July to September came in at 165m euros ($246m; £150m), up 70% on the 97m euros recorded a year ago.

Revenue rose to 1.81bn euros from 1.76bn euros a year ago.

Vestas workers staged a sit-in protest at its site in the Isle of Wight this summer, after the firm shut the factory there with the loss of 425 jobs.

Improving prospects

Vestas also reiterated its full-year sales forecast on expectations of further new orders.

It added that "market prospects are beginning to improve".

The results were better than analysts had expected and shares in Vestas rose 8.5% in Frankfurt.

"Both the third quarter and their expectations are extremely positive," said Christian Nagstrup at Jyske Bank.



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