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.
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).
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%.
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.