Category Archives: BVI company interim financial results

Euro Tech holding reported unaudited financial results for 1H 2018

Euro Tech Holdings Company Limited announced the unaudited financial results for the six months period ended June 30, 2018. The BVI company reported 9.29% increase of revenues from approximately US$8,707,000 for the six months ended June 30, 2017 to approximately US$9,516,000 in the same period of this year. During this period, revenues from trading activities increased by US$264,000, and from manufacturing activities they increased by US$545,000.

In 1H 2018, Euro Tech’s gross profits made approximately US$1,460,000, which is 23% decrease as compared to approximately US$1,895,000 for the first half of the previous year. The reason of the decrease was mainly the fall of the gross profit margin percentage of contract in the highly competitive market circumstances.

Selling and administrative expenses made approximately US$2,437,000 in the first six months of 2018, compared to approximately US$2,491,000 for 1H 2017. Net profit was approximately US$878,000 in the reported period, as compared to net loss of approximately US$92,000 in the same period of 2017.

The BVI company declared and paid dividend of US$0.70 per share. It is expected that the economic slowdown in China will adversely affect the performance of Euro Tech in the second half of 2018.

EOG Resources announced financial results for third quarter 2018

British Virgin Islands-registered oil and gas exploration company EOG Resources announced financial results for the third quarter of 2018. During this period, the company generated significant free cash flow and exceeded its production targets. Third quarter net income reported by the BVI company was US$1.2 billion, or US$2.05 per share, as compared to third quarter 2017 net income of US$101 million, or US$0.17 per share. Net cash from operating activities in this period was US$2.2 billion.

EOG generated $2.3 billion of discretionary cash flow in the third quarter 2018. Free cash flow of the company during the period was US$503 million, after considering exploration and development expenditures and dividend payments.

Lenta Ltd announced financial results for H1 2018

Lenta Ltd, a BVI-registered company operating one of the largest retail chains in Russia, published its reviewed consolidated IFRS financial results for the six months ended 30 June 2018.

According to company’s financial highlights for the period, total sales grew 18.2% compared to the first half of 2017, due to the increase of sales from new stores opened in 2018. Gross margin of 21.9% increased as supply chain costs were overcompensated by better supplier terms. Capital expenditures of the BVI company were Rub 10.8bn, which is an increase of 8.4% compared to the first half of 2017. Net cash generated from operating activities decreased by 30.1%, primarily due to movements in working capital. Company’s net profit was Rub 5.2bn, which is 14.9% higher than in the same period of the last year.

During the first six months of the year, the BVI company opened two new hypermarkets and 17 supermarkets. Total number of stores was 346 as at June 30 2018. Net selling space increased by 19.6% as of June 30 2018, as compared to the previous year.

Deswell Industries announced results for half year ended March 31, 2018

Deswell Industries, Inc., an independent manufacturer and supplier registered in the BVI and headquartered in Hong Kong, announced its unaudited financial results for the second half of the fiscal year ended March 31, 2018. For the six months, the company reported net sales of US$30.9mln – an increase of 29.4% as compared to net sales of US$23.9mln for the same period ended March 31, 2017. In the plastic segment, net sales increased by 13.7% and made US$14.4mln, while in the electronic segoment they increased by 47.2% to US$16.5mln.

For the six months ended March 31, 2018, the BVI company reported net income of US$2.5mln, as compared to net income of US$0.7mln for the same period of the previous year. Of this amount, operating income made US$0.2mln in the reported period, compared to operating loss of US$0.3mln in the second half of fiscal 2017.

For the second half of fiscal 2018, Deswell reported basic and diluted income of US$0.16 per share, as compared to basic and diluted income of US$0.04 per share for the six months ended March 31, 2017. As of March 31, 2018, the BVI company had US$15.2mln in cash and cash equivalents and working capital totaled US$49.8mln.