This post was originally published on this site
The company, which is maintaining the turbines of the Nord Stream 1 Portovaya compressor station, said its net loss would exceed the 560 million euro loss in 2021 by the charge, which is reported as a special item.
Siemens Energy, which was spun off from Siemens in 2022 and owns a majority in struggling wind turbine maker Siemens Gamesa, previously expected its 2022 net loss to be on par with last year.
The group earlier this year said it would stop all new business in Russia in the wake of Moscow’s invasion of Ukraine, adding that sales there account for a low single-digit percentage share of its total sales of 28.48 billion euros.
Siemens Energy also pointed to ongoing weakness at Siemens Gamesa as a drag on quarterly results, ahead of a planned 4.05 billion euro cash bid for the remaining 33% it does not already own in the Spanish-listed firm.
“We expect the new management at Siemens Gamesa now to implement a rigorous turnaround plan,” Siemens Energy Chief Executive Christian Bruch said, a week after sources told Reuters that the company was weighing 2,500 job cuts.
($1 = 0.9822 euros)
