(Source: Datamonitor)
NaiKun Wind Energy Group Inc. has reported a net loss of C$700,000, or C$0.02 per share, for the second quarter ended March 31, 2011, compared to a net income of C$1.4 million, or C$0.04 per share, for the same quarter ended March 31, 2010. For fiscal 2011, the company expects cash operating expenditures to be approximately $1.8 million.
Cash and cash equivalents for the second quarter ended March 31, 2011 were C$7.6 million, compared to C$10.2 million for the same quarter ended March 31, 2010.
On this basis, the company has sufficient financial resources to sustain operations into 2014 and beyond. The company also announced that the NaiKun wind energy project has been granted a federal screening decision, confirming that Canada's first offshore wind project can be constructed with no significant environmental, social and health effects.
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