Polo Resources Ltd, and international coal mining and exploration Group domiciled in the British Virgin Islands, published annual report for the year ended 30 June 2019. According to the consolidated 2019 results, the Group had a loss on ordinary activities which was largely due to provision of a full impairment of USD4.18 million against the recoverability of the outstanding loan from Plinian Guernsey, the impairment charge of USD2.45 million against Prism Diversified Ltd (formally Ironstone Resources Ltd) and the impairment reversal of USD2.4 million against the carrying value of GCM Resources Plc. The administrative expenditure of the Group was USD2.26 million compared to USD2.29 million in the previous financial year.
Basic loss per share for the year ended 30 June 2019 was USD1.34 cents, as compared to USD2.44 cents in financial year 2018.
As at 13 December 2019, the BVI Group had a net position of cash, receivables and short term investments of USD11.97 million, as compared to USD11.71 million as at 30 June 2019.
Lenta Ltd, one of the largest retail chains in Russia, registered in the British Virgin Islands, announced its unaudited consolidated financial results for the year ending 31 December 2018. According to company’s financial highlights, in this year total sales of the company grew 13.2%, including retail sales growth of 13.6% and wholesales growth of 6.0%. There was a slight gross margin increase of 21.5% due to improved supplier conditions and store productivity.
Capital expenditures made Rub 22.1bn, a decrease of 18.8% as compared to fiscal results of 2017, mainly to the slower rate of expansion and lower investments in land and future stores than to the prior year. Net cash generated from operating activities, before net interest and income taxes, was Rub 32.4bn compared to Rub 34.8bn in 2017, which is a decrease of 6.9%. Net interest expenses were Rub 9.1bn, a decrease of 13.4% compared to 2017 due to the reduction of interest rates.
In 2018, the company opened 13 new hypermarkets and 38 supermarkets, Also, new Lenta App was introduced in the end of 2018, and the number of installations exceeded 1.4 million at the date of the announcement.
BVI-incorporated international public company Orca Exploration Group Inc. announced its financial results for the year ended December 31, 2017. For the reported year, company’s revenue was US$51.9mln, which is 21% decrease from US$65.9mln in the previous year. The company announced net loss of US$2.5mln in 2017, compared to net income of US$2.2mln in the year 2016.
Net cash flows from operating activities of the BVI company for the year were US$48.2mln, which is an increase by 141% from US$20.0mln in the previous year. Orca’s funds flow from operations for the year was US$14.8mln, which is 53% decrease from US$31.9mln in 2016. This decrease is primarily the consequence of the fall in the company’s operating revenue and lower sales of Additional Gas volumes. Orca Group’s working capital decreased 3% to US$69.6mln, as compared to US$72.0mln in the end of 2016.
The shareholders meeting will be held by the Board of Directors of Orca Group on June 6, 2018.
Talon Metals Corp., the British Virgin Islands-incorporated exploration company listed on TSX, reported financial results for the year ended December 31, 2017. The company reported a net loss for the year in the amount of US$3.2 million or $0.02 per share (basic and diluted). This compares to net loss for the previous year in the amount of US$1.4 million, or US$0.01 per share. The increase in net loss in 2017 is primarily the result of a loss on the fair value revaluation of the Resource Capital Fund unsecured convertible loan and administration expenses.
Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project amounted to $1.8 million for the year ended December 31, 2017. The total capitalized exploration cost on the Tamarack Nickel-Copper-PGE Project amounted to US$38.9 million.