Recession has impacted on Wartsila’s latest results with the gas-fired power plant and ship engine provider experiencing the effects of Europe’s continuing malaise.

According to Bloomberg the company dropped the most in a year after electric-utility customers deferred orders and second-quarter results missed estimates.

Wartsila fell as much as 5.2 per cent, the steepest intraday decline since July 18, 2012, and was trading down 3.8 per cent at 12:37 p.m. in Helsinki.

Sales contracts for power plants fell 23 per cent from a year earlier to $285m in the quarter, the Helsinki-based company announced. Net income totalled $102m, 15 per cent less than the average predicted by eight analysts at Bloomberg.

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