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.
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