Suzlon Energy Reports Q2 Loss

2 November 2009 (Last Updated November 2nd, 2009 18:30)

Indian firm Suzlon Energy reported a net loss of US $75.7m (INR 356 crore) in the second quarter due to lower volumes. The company reported consolidated revenues of US $1.02bn (INR 4,793 crore) for the second quarter, representing a 31% drop compared to US $1.47bn (INR 6,921 crore) for

Indian firm Suzlon Energy reported a net loss of US $75.7m (INR 356 crore) in the second quarter due to lower volumes.

The company reported consolidated revenues of US $1.02bn (INR 4,793 crore) for the second quarter, representing a 31% drop compared to US $1.47bn (INR 6,921 crore) for the corresponding period in the previous year.

Suzlon reported a net loss of US $172m (INR808 crore) for the first half of 2009-10 compared to a net loss of US $2.87m (INR13.5 crore) for the first half of 2008-09.

The company's consolidated revenues for the first half of 2009-10 were US $1.9bn (INR 8,946 crore) compared to US $2.13bn (INR 10,039 crore) for the first half of 2008-09.

Suzlon COO Sumant Sinha said during the first half of this financial year, revenue showed signs of slowing down.

"Potential new orders were postponed due to the weak global macroeconomic and financing environment," he said.

Suzlon expects to ramp up from 1,900MW to 2,100MW by the end of the current financial year.