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.