A-Power Energy reports profit rise in 2Q and reaffirms 2008 guidance

A-Power Energy Generation Systems Ltd., power systems company registered in the British Virgin Islands and operating through its Chinese subsidiary Liaoning GaoKe Energy Group Co., Ltd.,  announced its financial results for the second quarter of 2008. The company reported a 4% rise of profit in this period, due to the developing distributed power generation projects and wind turbine production.

The reported net income of the BVI company made US$ 6.2 million  in 2Q 2008, compared with US$6 million in the same period of the previous year. Excluding a stock option charge of US$280,000, total amount of net income made US$6.5 million, or 20 cents per share.

The BVI corporation announced a 22% increase of revenue, from US$54 million in 2Q 2007 to US$65.7 million. The analysts expected earnings of 20 cents per share on revenue of US$62.1 million.

A-Power also reaffirmed its earnings guidance for 2008, from US$35 million to US$45 million. In 2007, the company posted net income of US$16.5 million.

During the second quarter of the year, the BVI corporation received several big contracts, including a US$150 million contract to build 300-megawatt power generation system in Thailand. Last month, A-Power (BVI) also signed memorandum of understanding for a $300 million agreement with Thai corporation, to build 600-megawatt power generation system.

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