Luxoft Holding, Inc. announced results for period ended September 30, 2016

BVI-registered software company Luxoft Holding, Inc. reported financial results for the three and six months ended September 30, 2016. For three months period, US GAAP revenue was US$196.5mln; earnings before interest, tax, depreciation and amortization (EBITDA) adjusted for stock based compensation, acquisition related costs and change in fair value of contingent consideration was US$37.4mln. Operating income increased 15.1% sequentially, generating 9.6% margin on a US GAAP basis (9.2% in the previous quarter of 2016). Diluted earnings per share on a US GAAP basis was US$0.48, and US$0.62 on a non-GAAP basis (in the previous quarter of the year US$0.42 and US$0.62, respectively).

For the six months ended September 30, 2016, US GAAP revenue reported by Luxoft Holding was US$374.5mln, which is a year over year increase of 21.0% on the reporting currency basis. Adjusted EBITDA increased 4.5% as compared to the previous year to US. Operating income amounted to US$35.3mln. For the six months period, diluted EPS on a US GAAP basis was US$0.90, and on a non-GAAP basis it was US$1.44.

In the last three months the company added seven high potential accounts (HPAs) from telecom, automotive and healthcare sectors. For the six months ended September 30, 2016, telecom, automotive and transport, and financial services were the strongest performers, providing 61.4%, 54.6%, and 13.5% of revenue growth respectively, compared to the first six months of last year.

For the year ending March 31, 2017, the BVI holding company expects revenue to be at least US$781mln, which is at least 20% higher than the previous year. Diluted EPS is expected to be at least US$2.85.

EOG Resources reported financial results for third quarter

EOG Resources Inc., the oil and gas company incorporated in the British Virgin Islands and listed on TSX venture exchange, announced its financial results for the third quarter of the year. EOG reported a loss of US$190 million, or 35 cents per share. Loss adjusted for non-recurring gains was 40 cents per share. The results did not meet expectations of Wall Street analysts which forecast a loss of 31 cents per share.

The company had revenue of US$2.12 billion in the reported period, which exceeded analysts’ forecasts of US$1.9 billion.

Since the beginning of the year, EOG Resources shares have climbed 30%, and the Standard & Poor’s 500 index has climbed 2 percent.

Sable Mining changes its name and delists from AIM market

BVI-registered resource and mining company Sable Mining Africa Ltd has announced the results of the Extraordinary General Meeting held on October 7 2016. As a result of the company EGM, the BVI company cancelled trading of its Ordinary Shares on the AIM market, starting from 17 October 2016. Following the cancellation, the company will continue to investigate putting in place a Matched Bargain Facility to assist shareholders to trade in Ordinary Shares, and to maintain and update the website.

Also, at the EGM the resolution was passed to change the company name to Consolidated Growth Holdings Limited. From the date of trade cancellation, company’s existing website will be replaced in a new one at www.cgh-limited.com.

Andrew Groves, CEO of Sable Mining, said in his comments on the changes that the company believes the Cancellation to be in the best interests of its shareholders, and will continue to strive to maximise shareholder value following the cancellation.

BVI-based mining corporation issued Annual Financial Report

British Virgin Islands-registered mining group West African Minerals Corporation published its final audited results for the fiscal year ended 31 March 2016. The company which is mainly focused on iron ore mining and exploration in West Africa reported that its total assets decreased by 2.6 per cent, from £23 million in 2015 to £22.4 million in 2016. This decrease was mainly because of operational expenses, and not impairment losses. As at the end of reported period, cash on hand was £3.6 million, as compared to £4.4 million in 2015. The mining group reported a total comprehensive loss of £0.7 million during the financial year (reduced if compared to £5.7 million in the previous year); basic and diluted loss per share was 0.15 pence for all operations (1.48 pence in 2015).

BVI company’s shareholders’ equity reduced by 2.7 per cent, primarily as a result of the operational costs incurred. Total costs capitalised to Deferred Mine Exploration costs were £11.8 million as compared to £11.5 million on 31 March 2015. Total number of issued shares in the reported period was 381.2 million, there were no new shares issued during the period.

West African Minerals Corporation completed its withdrawal from Sierra Leone, which followed the sale of its wholly-owned subsidiary, Ferrous Africa Limited, in August 2015.