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.
BVI-registered Arcos Dorados Holdings, Inc., the largest McDonald’s franchisee in Latin America, has reported unaudited financial results for the third quarter of 2019.
For the three months period ended September 30, 2019 the company reported consolidated revenue growth of 3.8% in US$, and 14.1% in constant currency. Consolidated revenues totaled US$747.6 million. The quarter’s highlights, like most of the others, excluded Venezuela. The BVI holding also reported 10.8% comparable sales expansion in Brazil, and 12.7% year-over-year growth in systemwide comparable sales, above the company’s inflation rate.
General and Administrative expenses increased 2.6% in US dollars versus the year-ago quarter and were down 10 basis points as a percentage of revenue. Net income in US dollars decreased 39.6% from US$42.7 mln to US$25.8 mln, mainly due to last year’s one-time tax credit.
CEO of Arcos Dorados Marcelo Rabach commented: “In light of the largely weak economic conditions in many of our markets, our strong revenue and margin performance validate once again the investments we continue making under our three-pillar strategy to drive profitable growth and extend our leadership position in Brazil and other markets. A combination of guest, volume and check growth accelerated comparable sales again and at a rate still above blended inflation.”
Hutchison Port Holdings, a private holding company registered in the British Virgin Islands and headquartered in Hong Kong, has started port expansion project in Pakistan. The Group Managing Director had a meeting with the Prime Minister of Pakistan Imran Khan and with Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, where he presented Hutchison Ports’ global network consisting of 52 ports and including the operations in Karachi for over 20 years. During the meeting, the director of the BVI holding was accompanied by Mr. Andy Tsoi, Managing Director Middle East & Africa and other senior executives of Hutchison Ports.
Hutchison Port Holdings confirmed the commencement of the construction of the second phase of Pakistan Deep Water Container Port project with US$240 million of new investment, to achieve a handling capacity of 3.2 million TEU upon completion. Total investment of Hutchison Ports in Pakistan will annually bring over US$96 million to the government in the form of taxes and concession fees.
Also, the representative of the BVI company highlighted the technologies and industrial practices brought to the country by Hutchison Ports, the most recent of which was Regional Operations Centre. The port industry of Pakistan for the first time received such technologies as the remote-controlled ship-to-shore cranes and semi-automated yard cranes.
Artificial intelligence technology company Insilico Medicine, Inc., which created joint venture with BVI-registered holding Juvenescence Limited, recently completed a US$37mln funding round led by Qiming Venture Partners and joined by Eight Roads, F-Prime Capital, Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Pavilion Capital, BOLD Capital Partners and other investors.
The Series B funding will be used to commercialize the validated generative chemistry and target identification technology, as well as to build a senior management team with the experience in the pharmaceutical industry and to further develop specific therapeutic programs.
Insilico Medicine has developed and validated a comprehensive drug discovery pipeline and identified targets in a variety of therapeutic specialties, among them cancer, fibrosis, NASH, immunology and CNS. Through a network of joint ventures, including that with the BVI company, Insilico Medicine is powering the new digital-age biopharmaceutical industry.