Vestas Wind Systems A/S, the world’s largest wind-turbine maker, lost more than a quarter of its value in Copenhagen trade, blaming delayed orders.

The stock dropped after the Denmark-based company, Randers posted a second-quarter loss of 119 million Euros ($153 million

Teea Reijonen, a London-based analyst with Royal Bank of Scotland Group Plc said that Vestas has suffered a serious blow to its credibility.

The credit crisis has prompted banks to restrict loans to wind-park developers that buy turbines from Vestas and competitors including Germany’s Siemens AG, Gamesa Corp. and General Electric Co.

Vestas Chief Executive Officer Ditlev Engel said that the financial crisis had a delay effect on the industry and the team is optimistic on executing the results in the second half of 2010. Earnings before interest and tax will likely be 5 to 6% of revenue. Sales in the second quarter fell 17% to 1 billion Euros.

Didier Laurens, analyst at Societe Generale in London, said they would probably have to wait to see what Vestas would look like next year and going forward, even if the backlog seems to be strong.

The company lost 82 million Euros in the first three months, its first quarterly loss in four years. Vestas had net income of 43 million Euros in the second quarter of last year.

According to Bloomberg New Energy Finance. Global investment in wind power slowed during the economic slump in the U. S. and Europe, lowering prices paid for wind farms

Vestas stated that the decline in revenue and earnings reflects the very low level of activity in the wake of the credit crisis. Still, Vestas has signed at least eight orders including its biggest ever in the U. S. and its largest in Australia.

Patrik Setterberg, analyst with Nordea Bank AB in Copenhagen noted that the result confirms turbine prices and pre-payment conditions are under pressure and even a strong order intake will not compensate for the weak result.