HAMBURG (dpa-AFX) - The wind turbine manufacturer Nordex has significantly improved its results in the first quarter and is in the black operationally. The company benefited from the completion of more profitable projects than in the previous year. At present, many wind turbine manufacturers are still busy fulfilling significantly less profitable orders due to inflation. Sales rose by 29 percent to around EUR 1.6 billion in the first three months, as Nordex announced in Hamburg on Tuesday. However, the company installed fewer wind turbines than in the previous year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped to EUR 52.1 million, exceeding analysts' expectations. In the previous year, the company had posted a loss of just under EUR 115 million. At the bottom line, Nordex posted a loss of around EUR 13 million, considerably less than in the previous year, when it posted a loss of EUR 214.8 million.

"We have implemented projects with higher profitability and found a stable cost environment, which means that we have significantly improved our profitability compared to the previous year," commented CEO José Luis Blanco on the figures. "After several years of strong fluctuations, we now expect a more stable earnings and margin trend over the course of the year." Nodex confirmed its forecast for the year./nas/jha/