COPENHAGEN (Reuters) -Orsted, the world’s biggest offshore wind farm group, swung to a quarterly net loss of 1.70 billion Danish crowns ($265,50 million), it said on Wednesday, hit by U.S. President Donald Trump’s trade policies and resistance to renewable energy.
Orsted’s shares have plummeted 85% from their 2021 peak, hit by soaring costs and supply chain disruptions, as well as challenges in the United States where Trump sought to halt several ongoing developments and suspended new licensing.
Orsted saw impairment losses of 1.8 billion crowns in the third quarter.
“The negative development was driven by increased tariffs in the U.S. 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 1.95 billion crowns deficit in a company-provided poll of analysts, but significabtly down from a year-ago profit of 5.17 billion crowns.
Meanwhile, its profit before interest, tax, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees, came in at 3.06 billion crowns for the period, lagging an average poll forecast of 4.0 billion crowns.
($1 = 6.4029 Danish crowns)
(Reporting by Stine Jacobsen and Louise Rasmussen, editing by Terje Solsvik)
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