Orsted, the offshore wind group, has a net loss for Q3 after US troubles under Trump

Orsted, which is the largest offshore wind farm company in the world, reported a net loss for its third quarter of 1,70 billion Danish crowns (approximately $265,50 million) on Wednesday. The group was hit by President Donald Trump's policies regarding trade and his opposition to renewable energy.

Orsted shares are down 85% since their peak in 2021, due to rising costs, supply chain disruptions and challenges in the United States, where Trump tried to stop several ongoing developments.

New licensing suspended

Orsted suffered impairment losses of 1.8 Billion Crowns in the third-quarter.

The company stated that the negative trend was primarily due to increased tariffs and the negative impact of the Revolution Wind stop-work order, partially offset by lower interest rates.

The net loss of the company for the period of July to September was lower than the 1,95 billion crowns average deficit expected by analysts in a poll conducted by the company, but still down significantly from the 5,17 billion crowns profit made a year ago.

The company's profit, before interest, taxes, depreciation, and amortization (EBITDA), which excludes new partnerships and cancellation charges, was 3.06 billion crowns, falling short of the average poll prediction of 4.0 billion.

(source: Reuters)