The company, which was created last year when Gamesa and Siemens combined wind power businesses to create one of the world’s largest makers of wind turbines, had only previously announced plans to let go some 700 of its 27,000 employees.

“This plan, which will be implemented in the coming months, is a necessary step to strengthen the group and consolidate its position as a market leader,” it said in a statement.

The firm reported Monday an underlying net profit of 118 million euros ($137 million) for its financial year that ended on September 30. That figure excluded however 338 million in restructuring and integration charges as well as writing down of the value of assets.

While revenue from the sale of wind turbines decreased by 15 percent to 4.4 billion euros between April and September due to difficulties in several markets, the company said it registered a 40 percent jump in orders in its final quarter.

Revenue increased by 5 percent to 10.96 billion for the financial year.

However Siemens-Gamesa said for this financial year its expects revenue to drop to 9.0-9.6 billion.

The operating profit margin of 7-8 percent it expects would be an increase from the 3.8 percent it registered in April to September.

yap/rl/ach