lunes, febrero 04, 2008

CLIMATE CHANGE: It is fears boost profit at India's Suzlon Energy

Indian wind power firm Suzlon Energy posted a 92 percent jump in third-quarter net profit Tuesday as it won more orders amid worldwide concern about climate change. The Pune, western India-based company, the world's fifth-largest wind energy firm, said net profit rose to 3.38 billion rupees (86 million dollars) in the three months ended December 31, from 1.76 billion rupees a year earlier.

The standalone profit, excluding the company's subsidiaries, was notched up on sales of 16.55 billion rupees during the quarter, an increase from 11.06 billion rupees a year earlier, it said in a statement.

"Worldwide concern on the issue of climate change continues to be a key driver for growth," chairman and managing director Tulsi Tanti said. "Markets such as the United States have continued their aggressive growth."

Tanti has capitalized on rising international concern over global warming and climate change caused by the burning of fossil fuels to expand his company rapidly.

Suzlon Energy had orders worth 171 billion rupees as of January 25, 2008 and the global outlook is strong, Tanti said.

"With initiatives like the European Commission's target for 20 percent of Europe's energy being produced from renewable sources by 2020, wind is poised to gain further growth," he said.

Suzlon last year won control of the German turbine maker REpower. It has expanded into China, the United States, Belgium, Denmark, Australia and Germany.

Suzlon Energy shares climbed 26.25 rupees, or 8.34 percent, to 341.15 rupees on the Bombay Stock Exchange. The broader Indian stock market fell 60.84 points, or 0.34 percent, to 18,091.94.

Source: Agence France Presse

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