German wind turbine maker Senvion reported EUR 90.6 million revenue from the sale of offshore wind turbines in the first three months of 2017, a 217.9% jump compared to EUR 28.5 million revenue recorded in the first quarter of 2016.
The offshore division’s contribution margin to the company’s overall figures in Q1 2017 was EUR 16.8 million, as compared to EUR 7.5 million in the same period a year earlier.
The revenues in the company’s offshore segment relate mostly to the 111MW Nordergründe and the 332MW Nordsee One offshore wind projects in the German North Sea.
The increase in the revenue and the total contribution margin was attributed to the installation of the project Nordsee One, Senvion said.
The offshore segment helped the company increase its overall revenue for the quarter, from EUR 364.3 million in Q1 2016 to EUR 392.3 million in Q1 2017.
However, Senvion recorded a net loss of EUR 49.3 million in Q1 2017, as compared to a net loss of EUR 32.4 million in Q1 2016, attributed largely to expenses related to the restructuring programme launched in March, whereas Q1 2016 was impacted by transactions costs and higher PPA effects.