A-Power Profit Slips, Shares Plunge (Update)

"A-Power in the near term has a two-pronged approach to growing its business: with the strong support from the Shenyang government, we are working to fully utilize the resources afforded by the recently formed industry alliance, Shenyang Power Group, to pursue large-scale, technologically advanced and managerially sophisticated DG and micro-grid systems both within China and overseas," Lu said.

"Secondly, we are focused on rolling out the largest wind turbine in China -- the 2.7MW grade -- and ensuring its performance and its timely delivery to our customers."

The company also forecast 2009 revenue and after-tax earnings to come to at least $320 million and $32 million respectively. That's up from an earlier forecast of $290 million and $29 million.