UPDATE 1-A-Power Energy Q2 profit jumps; shares rise

* Q2 EPS $0.25 vs $0.14, year ago

* Q2 rev up 30 pct to $74.8 mln

* Sees wind turbine sales up in H2

* Shares up 5 pct in premarket trade

Aug 26 (BestGrowthStock) – A-Power Energy Generation Systems Ltd’s
(APWR.O: ) quarterly profit jumped 84 percent, helped by growth
in its core distributed power generation systems (DG) segment,
and said wind turbine sales will pick up in the second half of
the year.

“We expect to begin delivery of 2.0 megawatt or larger
turbines to customers in the second half of 2010,” Chief
Executive Jinxiang Lu said in a statement.

For the latest second quarter, the company reported a
profit of $11.6 million, or 25 cents a share, compared with
earnings of $6.3 million, or 14 cents a share, a year ago.

Revenue rose 30 percent to $74.8 million as sales from
international projects exceeded 30 percent of total revenue for
the first time.

Analysts on average were expecting A-Power to earn 14 cents
a share, on revenue of $94.2 million, according to Thomson
Reuters I/B/E/S.

The Chinese wind turbine company said it signed agreements
with The United Steelworkers and Shenyang Power Group for the
development of its wind turbine projects in Nevada and Texas.

A-Power is developing a wind energy turbine production and
assembly plant in Nevada, with an expected annual production
capacity of 1.1 gigawatts, along with the U.S. Renewable Energy
Group and American Nevada Group. [ID:nSGE62A0GB]

The company is among a slew of Chinese renewable energy
companies aggressively competing with bigger peers such as
German solar cell producer Q-Cells (QCEG.DE: ) and Spanish
wind-farm operator Iberdrola (IBE.MC: ) in the emerging global
clean power sector.

Shares of Shenyang, China-based A-Power, which have lost 13
percent of their value in the past one month, were up 5 percent
at $7.95 before the bell. They closed at $7.54 Wednesday on
Nasdaq.
(Reporting by Vinay Sarawagi in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-A-Power Energy Q2 profit jumps; shares rise