Orsted, the world’s biggest offshore wind farm group, swung to a quarterly net loss of DKK1.70 billion ($265.50 million), it said on Wednesday.
Orsted’s shares have plummeted 85 per cent from their 2021 peak, hit by soaring costs and supply chain disruptions, as well as challenges in the United States where US President Donald Trump sought to halt several ongoing developments and suspended new licensing.
Orsted saw impairment losses of DKK1.8 billion in the third quarter.
"The negative development was driven by increased tariffs in the US and negative impact from the stop-work order on Revolution Wind, partly offset by decreasing interest rates," the company said in a statement.
The company’s net loss for the July to September period was smaller than the average expectation of a DKK1.95 billion deficit in a company-provided poll of analysts, but significantly down from a year-ago profit of DKK5.17 billion.
Meanwhile, its profit before interest, tax, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees, came in at DKK3.06 billion for the period, lagging an average poll forecast of DKK4 billion.
(Reporting by Stine Jacobsen and Louise Rasmussen, editing by Terje Solsvik)
