The Danish wind turbine manufacturer Vestas made a net profit of 16 million euros in the first quarter of the year, compared to a loss of 765 million in the same period of 2022.

The result was due to an increase in the value and volume of the projects delivered, as well as the sale of its transformer business and lower guarantee rights, the company said on its balance sheet on Wednesday.

The net operating result (ebit) went from a loss of 894 million to a profit of 66 million.

Billing amounted to 2,829 million euros, representing a year-on-year increase of 14%.

The power produced was 3,303 megawatts, 12% more, and the installed capacity was 2,317 megawatts, 4% more than in the same period of the previous year.

“Political uncertainty, slow permitting processes and high inflation, which we anticipate will continue throughout 2023, remain a challenge for the wind industry, but we are on track to meet our financial target,” the company writes in its balance.