Archive for the ‘BVI company interim financial results’ Category

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Talon Metals announced financial results for the second quarter of 2010

Saturday, August 14th, 2010

BVI-registered mineral exploration company Talon Metals Corp. reported financial results for the second quarter of 2010. For the three month period ended June 30, 2010, the BVI company reported net loss of US5,079,819, or US$0.08 per share (basic or diluted) – compared to net loss of $668,968 or $0.03 per share (basic or diluted), reported  in the second quarter of 2009, and net loss of $89,264 or $0.01 per share (basic and diluted), for the first six months of 2009.
Capitalized exploration of Talon Metals for the three and six month periods ended June 30, 2010, amounted to US$697,833 and US$999,734, respectively. This compares to US$507,579 and US$632,404 for the three and six month periods of last year. The amounts reported in the second quarter of 2010 related mainly to work on the Sergipe Potash Project and smaller projects of the company, and on the São Jorge Gold Project.

Subsequent to the end of the second quarter, Talon Metals Corporation concluded an agreement with a private company Lago Dourado Minerals Ltd regarding the Juruena Gold Project in Brazil. Under the terms of this agreement, the BVI company sold 100% of its indirect interest in Juruena to Lago, for a consideration including cash payment of approximately US$1 million. The payment, which was received by the company in July 2010, increased Talon’s treasury to approximately US$4 million.

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CIC Energy Corp. reported three and six month financial results

Thursday, July 22nd, 2010

CIC Energy Corp., a British Virgin Islands corporation operating coal properties located in South Africa, reported financial results for the three and six month periods ended May 31, 2010. For the second quarter of 2010, the company reported net loss of $2.2 million, or $0.04 per share (basic and diluted), compared to a net loss of $2.12 million reported in the second quarter of 2009.

For the six month period ended May 31, 2010, the BVI corporation reported net loss of $5.47 million, or $0.10 per share (basic and diluted). For the same period of 2009, net loss was $1.96 million. According to the company’s report, the increase of net loss for the three and six month periods of 2010 is mainly attributable to the reduced interest  received on cash and cash equivalents and the reduction of profit on foreign exchange.

At May 31, 2010, capital expenditure on exploration properties of CIC Energy amounted to $167 million, capital exploration costs totaling $6 million.

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China Cablecom announced Q1 2010 financial results

Friday, July 16th, 2010

BVI-registered company China Cablecom Holdings Ltd. announced its unaudited financial results for the first quarter of the year ended March 31, 2010. In the reported period, consolidated revenues of the company were US$13.4 million, compared to US$10 million in the first quarter of the previous year. Consolidated operating expenses were US$5.6 million, compared to US$5.8 million in the first quarter of 2009.

Net loss attributable to ordinary shareholders for the first quarter of 2010 was US$2.3 million, or $0.48 per share (basic and diluted) – compared to net loss attributable to ordinary shareholders of US$5.6 million, or $1.74 per share in the same period of 2009. The net loss in Q1 2010 was impacted by non-cash amortization of intangible assets which were acquired in connection with company’s acquisition of Binzhou Broadcasting and Hubei.

It is estimated by the BVI company that its total consolidated revenues for the full year of 2010 would be between US$50-55 million.

The Founder and Executive Chairman of China Cablecom, Clive Ng, said that they are pleased with reporting a strong quarter. He added that the performance of both operations in Binzhou and Hubei have exceeded the expectations and delivered significant growth in company’s results.

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SinoCoking announced financial results for third quarter of 2010

Monday, May 31st, 2010

Florida corporation SinoCoking Coal and Coke Chemical Industries, Inc., engaged in coal and coke production in central China, owning its assets and making its operations through its subsidiary Top Favour Limited, which is a British Virgin Islands company, and through China-based subsidiaries, announced its financial results for the third quarter ending March 31, 2010. 

In the reported period, company’s revenues decreased by 2%, from US$15.6mln in the third quarter of 2009 to US$15.2mln. The reason for this is mainly the coal product revenue decrease.

Operating expenses, which consisted of selling expenses and general and administrative expenses, increased by US$1,196,141, or 443.9%, and $920,542, or 70.6% in the three and nine-month periods ending March 31, 2010, respectively, compared to the same periods ending March 31, 2009. This was mainly due to the reverse acquisition transaction with the company formerly known as Ableauctions.com, Inc., and BVI holding company Top Favour Limited. Excluding the effect of the one-time acquisition-related costs, operating expenses decreased by US$15.644 for the third quarter ended March 31, 2010, compared to the same quarter of the previous year. 

The company reported gross profit decrease by US$1,596,333, or 22.1 percent, to US$5,641,605 in the three month period ending March 31, 2010 from $7,237,938 in the corresponding period ending March 31, 2009. Adjusted net income in the quarter ending March 31, 2010 decreased by 20% to approximately $3.0 million, from US$3.7 million in the same quarter of 2009, primarily due to the one-time acquisition-related expenses incurred by the Company in the amount of $1.2 million as described above.

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