Sales in financial terms were down by 13% compared to last year’s record figures at €2.3bn ($3.4bn). EBITDA was down by 11% at €311m, while net profits fell by 70% to €86m from €288m, mainly due to the extraordinary effect of the sale of Gamesa’s solar assets during the January-September period last year, which brought in revenues of €145m. However the company said that its EBIT margin for the period was 7.2%, higher than the 6-7% range it had predicted, because of its costs reduction programme.

Gamesa said that sales outside of Spain accounted for 71% of the total. Sales in Europe outside of Spain accounted for 31%, while Spain accounted for 29%, the US 17%, China 14% and the rest of the world 9%.“The slowdown of demand, especially in the Spanish market, has shown the correctness of Gamesa’s internationalization strategy,” the company said.

Gamesa said that it expects the outlook for the wind sector to improve in the coming period, as “society and government continue to increase their commitment to wind power.”

“From this fourth quarter onwards, the sector will begin to react to the regulatory support in the leading markets,” Gamesa says.

In Spain, the delays in publishing the government’s register of approved wind projects within the current support scheme seem to have been overcome, with 1,633MW of projects having been approved so far, ending months of uncertainty in the Spanish market. Gamesa also points to the $1bn in treasury grants awarded by the US government for wind projects so far. Lastly, Gamesa points to improving prospects in China, where it is expects its annual manufacturing capacity to reach 1,000MW in the first quarter of 2010. “The establishment of regional tariffs for wind power facilitates private investment, with the expectation that wind power capacity in China reaches 150 gigawatts in 2020.

Separately, Gamesa says it has a wind farm development portfolio of around 23,000MW, which it says has “the double competitive advantage of adding value through development and constituting a driver for demand for the turbine division.”

Gamesa developed 162MW in wind farms during the third quarter, and has another 700MW in the final phases of development. Of these 494MW are in construction, while 199MW are in the start up phase. Gamesa also finalized its strategic accord with Iberdrola Renovables to jointly develop wind farms in Europe.