Siemens Energy reports record quarterly loss of almost three billion euros

German energy industry equipment supplier Siemens Energy reported a record loss of 2.9 billion euros (70.4 billion Kč) in the third quarter. For the full financial year, which ends in late September, it also expects a record loss of 4.5 billion euros, according to a new forecast. The problems lie in its Gamesa division, one of the largest manufacturers of wind turbines. The company announced the figures today, according to the DPA news agency.

Siemens Energy shocked markets at the end of June when it announced a wide range of problems at Siemens Gamesa, just weeks after it managed to fully acquire the business, which it had previously only partly owned. Due to quality problems with onshore wind turbines, the company estimates that necessary repairs will cost 1.6 billion euros. The costs were booked in the previous quarter, but most will actually be incurred in the next two financial years.