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Latest Headlines
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Nov 27, 2009 11:47:00 AM MST
THE CANADIAN PRESS (China-Wind-Power)
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TORONTO _ China Wind Power International Corp. (TSXV:CNW), an alternative energy company that trades on the TSX Venture Exchange and operates in China, reports a $2.7 million loss in the second quarter, the first earnings report by the company as a publicly traded entity.
China Wind said Friday it lost 5.7 cents a share for the three months ended Sept. 30, the second quarter of the company´s 2010 fiscal year. That resulted in an accumulated deficit of $4.8 million.
A year earlier, the company had a net loss of $0.3 million when it was a private company.
China Wind said its higher net loss reflected expenses stemming from the company´s public listing, share-based compensation and an increase in wages and salaries.
During the quarter, the company generated $0.7 million in wind power revenue and completed a reverse takeover transaction with Berkshire Griffin Inc., raising $27.3 million in a private placement. China Wind began trading on the TSX Venture Exchange in early August.
"Our immediate focus is on bringing Phase 1 into commercial production, which we expect to happen in December," said CEO Jun Liu. "Construction continues at Phase 2. Phase 2 of our build-out, which we expect to complete before May 2010, will represent installed capacity of 49.5 MW when completed."
China Wind indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang province.
In trading on the TSX Venture Exchange, China Wind shares fell 17 cents to $1.25, a of just under 12 per cent.
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