Category Archives: BVI company interim financial results

West African Minerals reported interim financial statement

West African Minerals Corporation, British Virgin Islands-registered corporation working in the sphere of iron ore mining and exploration, announced its unaudited consolidated interim financial statements for the period ended 30 September 2017. For the reported period, company’s total assets decreased to £2.8mln as compared to £22.2mln for the period ended 30 September 2016. Company’s cash at hand made £2.67mln (£3.15mln in the previous reported period). Also, according to the report, operational expenses continue to be rigorously controlled.

Also, the group reported total comprehensive loss of £19.4mln, as compared to £0.07mln during the same financial period of the previous year. Basic and diluted loss per share increased to 0.05 pence per share (0.03 pence in the period ended 30 September 2016). West African Minerals’ shareholders’ equity at 30 September 2017 was £2.64mln (£22.04mln at 31 March 2017); the 88% reduction was primarily the result of the full impairment of Sanaga costs incurred during the period.

The BVI group continues to follow the strategy of reducing operational and corporate expenditure to preserve its cash positions. This includes significant reduction of the operational team and exploration field activities, successful reduction in the lease area size in Cameroon, and optimization of Corporate overheads. It is expected that the strategy will remain in place until the next financial year end.

Atlas Mara Limited reported financial results for Q3 2017

BVI-domiciled Atlas Mara Limited, the sub-Saharan African financial services group, announced unaudited financial results for the nine months ended 30 September 2017. For the reported period, total net profit of the group was US$15.8 million, compared to US$4.0 million for the same period of 2016, and US$4.3 million net profit reported for the Q3 ended September 2017, compared to US$2.8 million for the third quarter of the previous year.

Total income of the BVI group increased by 6.7% largely driven by an increase of 56.2% in net interest income. Non-interest income decreased by 30.0% mainly due to declines in Botswana, Mozambique and Shared Services and Center. The increase in net interest income has been supported by the decrease in the Group’s cost of funds from 8.3% reported at September 2016 to 5.2% as at 30 September 2017.

Equity reported at the end of the period was US$757.5 million, an increase of US$231.4 million from 31 December 2016, mostly driven by the completion of the US$200 million strategic financing transaction and equity placing concluded during Q3. Book value per share was US$4.44 at 30 September 2017, compared to US$7.18 at 30 June 2017. Tangible book value per share was US$3.58 at 30 September 2017, compared to US$5.31 at 30 June 2017.

Orca Exploration reported financial results for period ended June 30, 2017

BVI-registered Orca Exploration Group Inc. has filed its consolidated interim financial statements for the three and six month periods ended June 30, 2017, with the Canadian securities regulatory authorities. According to the company’s report, its revenue for the three months was US$14.4mln (1 per cent decrease from the second quarter), and for the six months it was US$30.0mln (1 per cent decrease for the same period of the previous year).

For the third quarter, there was a net loss of US$0.6mln, or US$0.02 loss per share diluted, as compared to net income of US$1.5mln in the second quarter of 2016, or US$0.04 per share diluted. For the six months ended June 30, 2017, the BVI company reported net income of US$2.2mln, or US$0.06 per share diluted, compared to US$4.2mln net loss, or US$0.12 loss per share diluted, for the first six months of 2016.

Cash flow from operations for the reported three months of 2017 decreased by 32 per cent to US$4.6mln, or US$0.13 per share diluted, as compared to Q2 2016, and for the six months ended June 30, 2017 there was a decrease by 33 per cent to US$10.5mln (US$0.30 per share diluted), as compared to the same prior year period.

Total capital expenditures for the quarter were US$0.4mln (US$2.8mln in Q2 2016), and for the six months they made US$7.8mln (US$16.9mln for the comparable prior year period). The closing cash at June 30, 2017 was US$98.5mln ( US$80.9mln at December 31, 2016).

China Information Technology, Inc. announced six months financial results

BVI company China Information Technology, Inc. reported financial results for the first half of the year ended December 31, 2016. In this period, company’s revenues were US$7.24 million, and company’s net earnings were US$11.11 million. Earnings increased compared to the same period of the previous year, despite the decrease in operating and pretax margins.

Company’s gross margins narrowed from 38.90% to 22.86% in the first half of 2016, compared to the same period last year. Operating (EBITDA) margins now make -53.91%, from -12.75%.