Category Archives: BVI company financial guidance

Eco Oil and Gas Limited Ltd reported financial results for nine months ended 31 December 2016

BVI-registered and Canada-based oil and gas exploration company Eco (Atlantic) Oil & Gas Ltd. announced its financial results for the three and nine month period ended December 31, 2016, as well as provided and update on its corporate achievement for the first half of 2017.

For the nine month period, Eco Oil & Gas reported continued reduction of general and administrative costs, compensation expenses and professional fees from a total of CDN $1,144,000 for the same period of the previous year to CDN $798,000. The BVI company has met all of its current work commitments under the various Petroleum Agreements’ and is being cost carried and sufficiently funded to continue its exploration projects for the current fiscal year.

In February 2017, Eco Oil & Gas Ltd. completed admission of its common shares to trading on the AIM market of the London Stock Exchange. CDN $8.4mln raised by the company will allow it to augment the activities achieved during the nine month period ended December 31, 2016. Company’s cash and cash equivalents make $6.9mln by the date of the report, following the admission and financing.

Also, the BVI company completed sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd., which has significantly reduced its liabilities and has allowed it to focus attention on the Guyana and Namibia operations.

Luxoft Holding, Inc reported financial results for three and nine months ended December 31, 2015

Luxoft Holding, Inc., a leading provider of software development services and innovative IT solutions, reported financial results for the three and nine months periods ended December 31, 2015. For the three months ended December 31, 2015, company’s revenue increased and made US$171.9 million, 18 per cent up as compared to US$145.8 million in the same period last year. Adjusted EBITDA was US$32.8 million with corresponding margins of 19.1 per cent, as compared to US$35.6 million and 24.4 per cent, respectively, in the same quarter last year.

For the nine months ended December 31, 2015, revenue of the BVI company increased by 25.7 per cent, from US$383.2 million in the same period a year ago to US$481.5 million this year.

According to company’s outlook for the year ending March 31, 2016, revenue is expected to reach at least US$645.5 million, which is 24 per cent increase year over year. Also, the financial year is epected to be finished with the effective tax rate between 14.3 per cent and 15 per cent.

Thalassa Holdings announced sales delays

British Virgin Islands-registered marine survey group Thalassa Holdings reported sales delays but announced that 2014 guidance on its performance is kept unchanged. The company said that the 23rd oil and gas exploration licensing round in the Norwegian Sea had not yet concluded, and is now expected to be concluded in 2015.

Thalassa Holdings said it now expected potential data sales from several clients relating to that round to take place in 2015.

According to company’s announcement, “The outlook for 2015 remains uncertain, due to both economic sanctions and export restrictions against Russia and continued pressure on the price of oil.
However, “The company continues to have a strong balance sheet with current net free cash of approximately $15m.”

Ratel Group published financial results for period ended December 31, 2012

Ratel Group Limited, an international mining exploration company, domiciled in the British Virgin Islands and focused on gold and copper deposits in Africa, published the financial results and analysis for the period ended December 31, 2012.

For the three months ended December 31, 2012, the BVI company reported a net loss of US$1.031 million, as compared to a net loss of US$0.784 million for the previous quarter ended September 30, 2012, and US$1.505 million for the three months period ended December 31, 2011. This made a 31 percent increase from the previous quarter of 2012, and a 31 percent decrease from the same period of the prior year, which is largely due to the scale back of activities at the company’s Segilola Gold Project in Nigeria and the Mkushi Copper Project in Zambia.

In the quarter ended December 31, 2012, Ratel Group earned interest income of US$143, as compared to US$81 for the quarter ended September 30, 2012, and US$1K for the December quarter of 2011.

During the reported quarter, Ratel Group incurred exploration and evaluation costs of US$0.241 million – a 41 percent increase as compared to US$0.171 million in the prior quarter, and a 76 percent decrease as compared to US$0.763 million in the quarter ended December 31, 2011. The company incurred administrative costs of US$0.498 million during the December 2012 quarter, a 17 percent increase as compared with US$0.426 million in the prior quarter, and 11 percent increase as compared to US$0.447 million in the December 2011 quarter.

As at December 31, 2012, the BVI company had cash and cash equivalents of US$0.175 million, as compared to US$0.221 million at September 30, 2012. On December 17, 2010, Ratel Group Company issued 49,999,998 shares at an issue price of C$0.10 per share. As at February 14, 2013, the company had 164,000,000 common shares outstanding. During January 2013, the Company cancelled its outstanding 12,000,000 options, exercisable at C$0.25 per share and resolved to issue 14,000,000 loan funded shares, issued at C$0.165 per share.