Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

United States

United States

NET LOSS BLAMED ON REALIGNMENT

New World Power Corp says its net loss for the last three months is a reflection of the final costs of the company's re-organisation and realignment. Besides being a domestic developer and operator, New World is also developing wind plants overseas.

New World Power Corp reports a net loss for the three months ended September 30 of just over $2,008,856 or 27 cents a share, compared with a net profit of $1,589.890 or 32 cents a share a year ago. Revenue was $2,986,833 compared with $3,179,271 a year ago.

The losses are because of the cost of the company's move from third party sales to owning and constructing its own facilities and staff cuts related to that transition, it says. For the first nine months of 1994, the company has lost $4,879,219 or 72 cents a share, compared to net income a year earlier of $272,122 or 15 cents a share. Revenue for the same period was $6,824,420 or 24 cents a share, compared with $6,360,718 a year earlier. John Kuhns, chief executive officer, describes the results as disappointing but says they reflect the final costs of the company's organisation and realignment. New World says it should break even in the fourth quarter with post operating profits starting in the first quarter of 1995.

New World is one of two publicly traded wind companies in the US and recently forged an alliance with Westinghouse Electric Corp. As well as operating and developing wind plant in the US and Mexico, it is also developing wind farms in the UK and has plans for 200 MW in China and Inner Mongolia (Windpower Monthly, November 1994), starting with a 20 MW project on Nanao Island off the coast of Shantou and a 5 MW project in Shenzhen, Chang Jiang.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs