Lenta Ltd ratings upgraded by Fitch

Lenta Ltd, the BVI-registered company operating retail chain in Russia, announced that Fitch Ratings had upgraded its long-term foreign and local currency issuer default rating from ‘BB-’ to ‘BB’, and its National Long-term rating from ‘AA-(rus)’ to ‘A+(rus)’. The rating outlook is stable. The upgrade shows Lenta’s proven execution of its sales growth strategy while holding strong profitability.

It is expected by Fitch agency that the company will further strengthen its market position and increase the scale of its business over the medium term.

China Natural Resources reported financial results for period ended December 31, 2015

Nasdaq-listed resources development company China Natural Resources, Inc. announced financial results for the half of the year period ended December 31, 2015. The BVI company reported revenues of US$0.50 mln, and net loss of US$3.29 mln.

Gross margins narrowed as compared to the same period of the previous year, but despite of this fact, company’s earnings rose being influenced mainly by the improvement in operating margins. Also, the increase in company’s earnings has been influenced by improvements in operating margins, and one-time items. Pre-tax margins of China Natural Resources are now -648.73% compared to -3,976.17% in the same period of the last year.

BVI company announces respective deemed interests of its directors

BVI-incorporated and HK-based company Asian Growth Properties Limited, focused on China property development and investments, has received notifications from its directors which announced their respective deemed interests in the ordinary shares of US$0.05 each in the company.

Directors’ deemed shareholding interests, after the acquisition of 350,000 SEA Holdings Limited shares by Nan Luen International Limited, include: SEA Holdings Limited, which is beneficially entitled to about 97.17 per cent of the existing issued share capital of the BVI company; Nan Luen International Limited with direct shareholding interest of 65.12% of the issued share capital of SEA; JCS Limited, with direct interest of 63.58% in the issued share capital of NLI; NYH Limited with 0.609% interest in SEA.

As a result of the above acquisition, the executive director of the company, Mr. Lu Wing Chi, is deemed to have an indirect beneficial shareholding interest in 362,012,729 shares, which represent approximately 40.84% of the existing issued share capital of the company. Mr. Lincoln Lu, the executive director of the company, has an indirect beneficial shareholding interest in 132,361,334 shares, representing approximately 14.93% of the existing issued share capital of the BVI company. Another 14.82% of the share capital, or 131,327,800 shares, are held by the executive director of the company Mr. Lambert Lu.

Luxoft announced results for quarter and fiscal year ended March 31, 2016

BVI-incorporated Luxoft Holding, Inc. announced its results for the three months and full financial year ended March 31, 2016. For the quarter period, BVI company’s revenue was US$169.2mln, a 23.2 per cent increase from US$137.4mln in the same quarter of 2015, and a 1.6 per cent decrease from the previous quarter of 2016, which reflects the normal seasonality of the business. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were US$26.5mln with corresponding margins of 15.7 per cent, as compared to US$19.8mln and 14.4 per cent in the same quarter last year. Non-GAAP net income was US$18.8mln, or US$0.56 per diluted share, compared to US$15.1mln and US$0.46 per diluted share for the same period last year.

For the full financial year ended March 31, 2016, Luxoft’s revenue increased to US$650.8mln, a 25 per cent increase from US$520.5mln in the previous year. Non-GAAP net income reported by the company was US$92.9mln, or US$2.72 per diluted share, as compared to US$75.4mln and US$2.28 per diluted share in 2015. The company’s balance sheet remained strong, being supported by operating cash flows increase of 38.2 per cent compared to the previous year, free cash flow increase to 12.3 per cent of revenue, and absence of long-term debt. Of six areas of company’s focus, five had revenue growth in the reported year, the strongest ones being Automotive and Transport with 37.1 per cent, Financial Services with 28.5 per cent, and Technology with 21.6 per cent growth as compared to the year 2015.