In the end of November, the BVI-registered company A-Power Energy Generation Systems, Ltd. announced unaudited financial results for the three and nine months ended September 30, 2008, which showed record statistics by many indices.
For the three months ended September 30, 2008, A-Power reported revenues that increased to $85.4 mln – up 120% from $38.9 mln for the same period of the prior year. Net income for the three months ended September 30, 2008 was $9.4 mln, that is 124% increase compared to $4.2 mln for the same period of the prior year. Earnings per share for Q3 2008 made approximately $0.28, while comprehensive income for the three months ended September 30, 2008 increased to $11.3 mln, if compared to $4.6 mln for the same period of 2007. Cost of revenues for this period amounted to $74.8 mln, an increase of $41.5 mln from the same three months period of the prior year.
For the first nine months of 2008, BVI company reported revenue in the amount of $183.4 mln, that is up 66% from the same period of the prior year. Net income for this period increased to $18.5 mln, up 56% from the first nine months period of 2007. Comprehensive income for the first nine months of 2008 increased to $22.3 mln, that is 81% increase from the same period of 2007.
By September 30, 2008 cash position of the BVI company was $59.7 mln, compared to $35.8 mln as of December 31, 2007. Working capital as of September 30, 2008 was $95.8 mln compared to $38.0 mln by the end of 2007.
Mr. Jinxiang Lu, A-Power’s Chairman and CEO, in his comments reaffirmed company’s earnings guidance of over $35 mln for 2008. He also named the main highlights of the BVI company in the third three months of 2008, including a new distributed generation contract in China’s Jilin province worth approximately $195 mln, and signing a binding MOU with National Power Supply Company for a $300 mln contract to develop a 600 MW distributed power system in one of Thailand’s provinces, which would be probably the largest distributed power generation contract up to date. Mr. Jinxiang Lu also mentioned the progress that was made by the BVI company in the wind turbine business – by completing construction of the largest single wind turbine production facility in Shenyang, China, and the development of other projects.