Category Archives: BVI company annual financial results

West African Minerals Corp. reported annual audited results

West African Minerals Corporation, the mining and exploration group focused on West Africa region and incorporated in the British Virgin Islands, published its final audited results for the year ended 31 March 2017. According to the annual report, total assets of the company were £22.2mln. This 0.9% decrease as compared to t£22.4mln in 2016 was due to operational losses of £0.5mln. Cash in bank equated £3.1mln, compared to £3.6mln in 2016.

In the financial year 2017, the group reported total comprehensive loss of £0.2mln, compared to £0.7mln loss in the previous year. Loss per share (basic and diluted) was 0.14 pence (0.15 pence in 2016).

The BVI company has reduced operational and corporate expenditure to a bare minimum, preserving its cash position during the year. This strategy included significant reduction of exploration field activities, operational team, reduction in the lease area under exploration in Cameroon, and rationalisation of company’s overheads. The company is planning to continue with this strategy in the next financial year.

Redomiciled Aura Minerals announced financial results for Q4 and year 2016

Mining company Aura Minerals Inc., which in December 2016 redomiciled from the jurisdiction of Canada to the British Virgin Islands, announced its financial and operating results for the fourth quarter and the year ended 31 December 2016, as well as its 2017 guidance.

In the fourth quarter of 2016, net sales revenue of the company decreased by 9 per cent as compared to the same quarter of 2015, while net sales for the year ended December 31, 2016 decreased by 12 per cent compared to the previous year figures. For the fourth quarter of 2016 the BVI company reported income of US$20,353, or US$0.62 per share, compared to a loss of US$11,886 or US$0.42 per share for the same period of 2015. For the reported year, income was US$19,020 or US$0.64 per share compared to a loss of US$14,479 or US$0.56 per share in the same period of last year.

A non-recurring gain on acquisition from Ernesto /Pau-a-Pique Project of US$19,886 before tax is also included in the income for the fourth quarter and year ended December 31, 2016. For the year ended December 31, 2016, Aura Minerals recorded total proceeds of US$4,093 (net of share issue cost of US$69).

Origin Agritech reported unaudited results for Fiscal Year 2016

Origin Agritech Ltd, an agricultural biotechnological company registered in BVI, announced its unaudited financial results for the fiscal year ended September 30, 2016. Total revenues of the company were US$50.2mln, which is 11% less from annual revenues in the period ended September 30, 2015. This decrease was primarily due to lower sales volumes for corn and rice seeds as a result of market oversupply. In fiscal year 2016, corn seeds accounted for 91% of overall sales, and total revenues from corn sales were US$45.9mln; annual revenues from rice seeds sales were US$3.0mln (a decrease compared to fiscal year 2015), and canola seeds sales were US$1.3mln in 2016. Because of continued decline of rice and canola seeds sales, Origin is phasing out of these product lines in 2017.

In fiscal year 2016, operating expenses of the BVI company were US$20.6mln, which is an increase of 23.5% from fiscal year 2015 due to restructuring costs and expansion expenses. Selling and marketing expenses decreased 4.8% from the previous year.

Operating loss for the reported year was US$9.2mln; net loss attributable to Origin for the fiscal year ended September 30, 2016 was US$9.8mln. Net loss per share reported by the company in fiscal year 2016 was US$0.43.

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.