Philipe Kavafyan can celebrate achieving the first success criterion for leading MHI Vestas. The offshore wind turbine manufacturer, a joint venture of Vestas and Mitsubishi Heavy Industries enters its fifth fiscal year with black accounting figures. Altogether, the company has recorded a net profit of EUR 53 million for its fiscal year 2018-'19, the company informs in its annual financial statement.
The positive result arrives in the company's fifth year, with the preceding years having been marked by development and cost impairments on its core product, the V164. Since March 2015, when the offshore wind turbine platform had a capitalized value of EUR 325 million, EUR 197 million have been spent on development.
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