Category Archives: BVI company interim financial results

BVI-registered retailer announced reviewed financial results for 1H 2019

Lenta Ltd, one of the largest retail chains in Russia, incorporated in the British Virgin Islands, announced its reviewed consolidated IFRS results for the half year ending 30 June 2019. In the reported period, total sales grew 3.1 per cent, including retail sales growth of 7.2 per cent and wholesale decline of 62.2 per cent. Gross margin of 22.5 per cent increased as a share of low-margin wholesales business declined in total sales, and retail margin remained almost flat. SG&A rose to 19.1 per cent of sales.

Net interest expenses were Rub 4.7bn, an increase of 1.8 per cent compared to 1H 2018; net loss was Rub 4.5bn with negative Net Profit margin of 2.2% compared to Net Profit of Rub 5.2bn in 1H 2018 with Net Profit margin of 2.7%. Net cash generated from operating activities before net interest and income taxes was Rub 6.1bn compared to Rub 5.1bn in 1H 2018 with an increase of 20.8%.

As of 30 June 2019, Lenta’s capital expenditures were Rub 5.6bn, a decrease of 46.7% compared to 1H 2018 (Rub 10.5bn), and net debt was Rub 99.3bn, compared to Rub 93.3bn at the end of 2018.

In the first half of 2019, a combined total of 78.73% of Lenta’s issued and outstanding voting shares were purchased by Severgroup LLC from TPG, EBRD and minority shareholders. The four vacated seats on the Board were filled in with the nominees of Severgroup.

Origin Agritech announced unaudited results for the first half of Financial Year 2019

Origin Agritech Limited, BVI-registered agriculture technology and rural e-commerce company in China, published its unaudited financial results for six months period ended March 31, 2019. The company reported net revenue of RMB82.2 mln (US$12.2 mln) during this period, compared to RMB3.6 mln for the first half year of Financial Year 2018. The total gross profit of the seed business in the first half of FY2019 was RMB19.0 mln (US$2.8 mln).

The BVI company reported total operating expenses for the six months ended March 31, 2019, which made RMB18.1 mln (US$2.7 mln), less by 57% from RMB42.0 mln for the same period of the previous year. The reason for the decrease was the turnaround effort in the general and administrative expenses. Due to company’s returning to the seed business, its selling and marketing expenses for the reported period were RMB2.5 mln (US$0.4 mln), compared to RMB0.7 million a year ago. General and administrative expenses declined 70% and made RMB8.4 mln (US$1.3 mln), and research and development expenses were RMB7.1 mln (US$1.0 mln), down from RMB13.1 mln for the first half of FY2018.

Total operating income of the company for the first six months of FY2019 was RMB0.9 mln (US$0.1 mln), which is a significant change from the operating loss of RMB42.8mln in the previous year. Net income of Origin for the reported period of 2019 was RMB1.2mln (US$0.2mln), as compared to the net loss of RMB25.3 million in the first half of FY2018.

As of March 31, 2019, cash and cash equivalents were RMB5.8 million (US$0.8 million), an increase of RMB3.8 million from the cash and cash equivalents of RMB2.0 million as of September 30, 2018.

Luxoft Holding reported results for fiscal Q3 2019

Luxoft Holding has announced its results for the fiscal third quarter of 2019, including a small year-over-year decline. BVI company’s performance is very much influenced by the planned acquisition by IT services and solutions provider DXC Technology. However, the US$2 billion acquisition deal is still subject to regulatory approval.

For the three months ended December 31, 2018, Luxoft’s revenue was near the low end of Luxoft’s autumn guidance, which named the range of US$230 million to US$235 million. Luxoft’s net income arrived at US$0.61 per share, down from US$0.89 in the same period last year. Adjusted EBITDA was US$32.6mln – a 18.5% decline as compared to the previous year period.

Top two accounts of Luxoft, UBS and Deutsche Bank, represented 24.9% of total revenue, down 9.5% from the same period last year. Top five accounts of the BVI company made 39% of revenue, down 7% from a year ago, and its top 10 accounts were 50.9% of revenue (down 6.3%).

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.