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MORE DISAPPOINTMENT ON WALL STREET

New World Power Corp, the smaller of the two US wind companies traded on Wall Street, reported disappointing second quarter results. The company blamed lower wind speeds and water flows both in the US and elsewhere and down-time of its huge MOD-5 turbine in Hawaii. Although the results were below expectations, they were far better than a year ago. The story details the share prices. New World also said it had bought into hydro projects in China as the first moves in a possible series of projects with one of the largest power developers and equipment manufacturers in China.

New World Power Corp of Connecticut, the smaller of the two US wind companies traded on Wall Street, also reported disappointing second quarter results. The company reported on August 15 a loss of $544,622 on revenues of $10,855,837 for the three months ended June 30. After preferred dividends, the net available to common stock was a loss of $619,878, or a loss of six cents per share.

The company blamed lower wind speeds and water flows both in the US and elsewhere and down-time of its huge MOD-5 turbine in Hawaii. Although the results were below expectations, they were far better than a year ago when the company reported a loss attributable to common shares of $1,277,482 or 19 cents a share, on revenues of $5,870,974.

For the six months ended June 30, New World reported an operating profit of $112,293 on $20,430,282 in revenues, compared with an operating loss of $3,053,796 on revenues of $11,333,360 a year ago. The company's net loss attributable to common shares was $588,462 for the six months, compared with a $2,870,363 loss in the six months in 1994. Revenues were reduced an estimated $610,000 by the down-time of the MOD-5, but offsetting that were new wind farms brought on-line.

New World also announced it had completed purchase of a Chinese hydro-electric project, a 40% interest in the Fujian Nan Ping Hydro Power Company, a 39 MW hydro plant "Fujian 1" to commence operations by the end of the year. Annual revenues under a 30-year agreement are expected to be $10.9 million, of which New World's 40% share is $4.3 million yearly. The project is the first of five hydro plants totalling 246 MW and the first in a possible series of projects with China Chang Jiang Energy Corp, one of the largest power developers and equipment manufacturers in China.

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