Category Archives: BVI company interim financial results

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%.

Eco Oil and Gas Limited Ltd reported financial results for nine months ended 31 December 2016

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.

West African Minerals Corporation reported interim results for period ended 30 September, 2016

West African Minerals Corporation, the AIM-listed mining company incorporated in the British Virgin Islands, reported its unaudited consolidated interim financial statements for the period ended 30 September 2016. In the reported year half, BVI group’s total assets remained at the same level of £22.4mln (£22.4mln in the previous period ended 31 March 2016), without impairment losses. Cash on hand was £3.44mln (£3.57mln at 31 March 2016).

For the reported financial period, group’s comprehensive loss was £0.07mln, as compared to £0.41mln in the same period of 2015. There was a decrease in basic and diluted loss per shre from 0.11 pence as at 30 September 2015 to 0.03 pence per share as at 30 September 2016.

West African Minerals announced that in 2017 it will continue its strategy to focus on cash preservation, because of continuing uncertainty over the medium term evolution of iron ore prices. Also, the company will continue to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.

Euro Tech Holdings announced Interim Results for period ended June 30, 2016

BVI-registered Euro Tech Holdings Company Limited (CLWT) announced its unaudited financial results for the six months period ended June 30, 2016. For this period BVI company’s revenues were approximately US$10.469,000, which is 26.5% higher if compared to approximately US$8,273,000 revenues for the same period ended June 30, 2015. This is primarily due to the increase in revenues from trading and engineering activities of US1,367,000 and US$829,000, respectively.

Gross profits of Euro Tech Holdings were approximately US$1,929,000 for the first half of 2016 (US$1,857,000 for 1H 2015). There was a decrease in selling and administrative expenses by approximately US$189,000, in the reported period these were US$2,814,000. Profit contribution from the affiliate companies in the first half of this year was approximately US$68,000, as compared to negative contribution of US$138,000 for the first half of 2015.

The net loss of the BVI company was approximately US$484,000 for 1H 2016 (US$662,000 for 1H 2015), due to increase in revenue, decrease in selling and administrative expenses, and profit contribution from the affiliates, despite the decrease in other income due to exchange loss.