BVI Company Financial News

British Virgin Islands-registered Pansoft Company Limited reported unaudited financial results for the fiscal 2011 business year ended June 30, 2011. In the reported year, company’s revenues were US$19.2 mln – 59% increase as compared to the previous fiscal year. Approximately 72.2% of this amount was contributed by Pansoft China and 27.8% by newly acquired businesses. Gross profit was US$6.4 mln – this is 10% increase versus the previous year. Operating profit was US$1.4 mln, compared to US$3.6 mln in the year 2010. Operating expenses were US$5 mln, this is 129.2% increase from US$2.2 mln in the fiscal year ended June 30, 2010.

Other highlights of the report for the year 2011: net income attributable to Pansoft shareholders was US$1.4 mln, compared to US$3.2 mln in the prior fiscal year, net income per diluted share attributable to Pansoft shareholders was US$0.25 (US$0.59 in 2010). Comprehensive income attributable to common shareholders of the BVI company was US$2.2 mln (US$3.3mln in the previous year). In the year 2011, cost of sales was US$12.8 mln, this is a 104.4% increase from US$6.3 mln in the prior fiscal year.

Pansoft’s Chairman of the Board Hugh Wang has commented on the results, saying that the company is mostly satisfied with their business results for fiscal 2011. This year, the company also completed the acquisition of Hefei Langji Technology Co., Ltd., a leading HR solution provider to China’s coal-mining industry, and its wholly-owned sales and marketing arm Shanghai Zhongrui for a total amount of approximately $1.7 million.

Polo Resources Ltd., the BVI-registered mining and exploration group having interests in international coal projects, announced unaudited preliminary financial results for the year period ended June 12, 2011. According to the report of the BVI company, the cash balance at 31 August 2011 was US$37.5 million – as compared to US$37.8 million as at 30 June of the previous year. As at 31 August 2011, net asset value per share was GBP 6.56 pence.

In this year period, the BVI company completed the sale of its stake in Extract Resources Limited, as well as the disposal of its uranium interests, for US$142 million, and realised a net gain on disposal of US$62.7 million. Part of the proceeds were used to fund a special dividend to shareholders, for a total amount of US$113.9 million. US$7.8 million was devoted to the share buy-back programme, and a total of 168.4 million shares were cancelled from the company’s share capital during the period.

On 12 October 2010, Polo Resources Ltd (http://finance.yahoo.com/q?s=POLJF.PK) received the US$20 million deferred cash consideration from Winsway Coking Coal Holdings Ltd, to conclude the disposal of the company’s 50%-interest in the Peabody-Polo Resources Mongolian coal joint venture.

Interest in GCM Resources plc (http://finance.yahoo.com/q?s=GCM.L%2C+&ql=0) was valued at US$25.9 million at 31 August 2011. Polo holds 29.82 per cent of the company. Subsequent to the financial year end, the interest in Caledon Resources plc (http://bvi-company-financials.bviincorporation.com/386/bvi-company-to-receive-cash-proceeds-on-disposal-of-its-subsidiary/) is being realised as Guangdong Riding Pty Ltd confirmed acquisition of Caledon in an all cash offer of 112 pence per share.

By words of Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources, “the proceeds from the realisation of Extract (Uranium) have been applied to implement a share buy-back programme and fund the payment of a substantial special dividend in August 2010. The proceeds have also funded the acquisition of interests in new projects across a range of minerals. The proceeds from the realisation of Caledon (Coal) will be utilised to implement a further substantial dividend and pursue new opportunities.”

According to him, the BVI company is looking forward to “another exciting year with a range of projects in coal, iron and gold, with new evaluate new projects, both listed and private, with the view to making additional investments.”