For the six month period ended May 31, 2010, the BVI corporation reported net loss of $5.47 million, or $0.10 per share (basic and diluted). For the same period of 2009, net loss was $1.96 million. According to the company’s report, the increase of net loss for the three and six month periods of 2010 is mainly attributable to the reduced interest  received on cash and cash equivalents and the reduction of profit on foreign exchange.

At May 31, 2010, capital expenditure on exploration properties of CIC Energy amounted to $167 million, capital exploration costs totaling $6 million.

Net loss attributable to ordinary shareholders for the first quarter of 2010 was US$2.3 million, or $0.48 per share (basic and diluted) – compared to net loss attributable to ordinary shareholders of US$5.6 million, or $1.74 per share in the same period of 2009. The net loss in Q1 2010 was impacted by non-cash amortization of intangible assets which were acquired in connection with company’s acquisition of Binzhou Broadcasting and Hubei.

It is estimated by the BVI company that its total consolidated revenues for the full year of 2010 would be between US$50-55 million.

The Founder and Executive Chairman of China Cablecom, Clive Ng, said that they are pleased with reporting a strong quarter. He added that the performance of both operations in Binzhou and Hubei have exceeded the expectations and delivered significant growth in company’s results.

In the reported period, company’s revenues decreased by 2%, from US$15.6mln in the third quarter of 2009 to US$15.2mln. The reason for this is mainly the coal product revenue decrease.

Operating expenses, which consisted of selling expenses and general and administrative expenses, increased by US$1,196,141, or 443.9%, and $920,542, or 70.6% in the three and nine-month periods ending March 31, 2010, respectively, compared to the same periods ending March 31, 2009. This was mainly due to the reverse acquisition transaction with the company formerly known as Ableauctions.com, Inc., and BVI holding company Top Favour Limited. Excluding the effect of the one-time acquisition-related costs, operating expenses decreased by US$15.644 for the third quarter ended March 31, 2010, compared to the same quarter of the previous year. 

The company reported gross profit decrease by US$1,596,333, or 22.1 percent, to US$5,641,605 in the three month period ending March 31, 2010 from $7,237,938 in the corresponding period ending March 31, 2009. Adjusted net income in the quarter ending March 31, 2010 decreased by 20% to approximately $3.0 million, from US$3.7 million in the same quarter of 2009, primarily due to the one-time acquisition-related expenses incurred by the Company in the amount of $1.2 million as described above.

Nevada-registered China GengSheng Minerals, Inc., conducting its business through its wholly-owned BVI subsidiary Gengsheng International Corporation, announced its financial results for the first quarter period ended March 31, 2010. The sales revenue reported by the company made US$11.9 mln, compared with US$12.4 mln reported in the first quarter of 2009. Sales expenses made $1.5 million, flat compared with the first quarter of 2009. Total operating expenses in the first quarter of 2010 were approximately US$49.5mln, and working capital was US$24.8mln. Net income was approximately US$0.4 million, or US$0.02 per share – compared with a net income of approximately US$1.0mln, or US$0.04 per share, for the same period of 2009.

Gross margin increased to 33.5%, compared with 30.3% in the same period of 2009. Gross profit for the three months ended March 31, 2010 was approximately US$4.0mln, or 33.5% of revenue (US$3.8mln, or 30.3% of revenue in the same period of 2009). The increase in gross profit and gross margin in the first quarter of 2010 may be attributable to the increase in average sales price of Gengsheng’s products and an increased revenue contribution from the full-service products.

Among the achievements of the BVI company in the reported period, there are beginning of trading on the NYSE AMEX Exchange in March 2010, having been awarded two fracture proppant contracts totalling approximately US$1.3mln, and two fracture proppant supply contracts totalling approximately US$3.6mln by a US-based distributor. Shipments that commenced during the beginning of the second quarter of 2010 are expected to continue through the third quarter of 2010.

UTi Worldwide Inc., an international supply chain services and solutions company registered in the British Virgin Islands, reported financial results for the fourth quarter period ended January 31, 2010. In this period, company’s revenues were $991.5 million – an 11 percent increase from $894.1 million in fiscal fourth quarter period ended January 31, 2009. Net revenues were $350.6 million – a 5 percent increase from $332.7 million in Q4 2009. Net income was $1.5 million, or $0.02 per diluted share (compared to a net loss of $89.8 million, or $0.90 per diluted share). Adjusted net income attributable to UTi Worldwide Inc. for the reported period was $10.9 million, or $0.11 per diluted share. Operating expenses in the fourth quarter of fiscal 2010, excluding purchased transportation costs, were $338.8 million. Operating income reported by the company made $11.8 million. UTi Worldwide Inc. recorded an effective tax rate of 79 percent in the fourth quarter, and 35 percent for the year 2009.

According to company’s CEO Eric W. Kirchner, financial results in the fourth quarter were severely affected by sharply higher transportation costs. He said that the circumstances leading to the industry-wide yield contraction are to stabilize over time and this will allow the company to pass through higher prevailing transportation rates to clients.

For the first quarter of the year, BVI company’s revenues made US$5.65 million, a 31.5% decrease from US$8.24 million reported for the first quarter of the last year. The revenues were mainly from the sales of higher margin canola seed products for the quarter period. Gross profit for the three-months ended December 31, 2009 was US$3.01 million – this is a 33.6% increase from US$2.25 million reported for the same period of the prior year. Gross margins for this quarter were 53.3% versus 47.9% for the canola seed sales for Q109 (exclusive of scrap sales).

Origin Agritech reported total operating expenses for the period in the amount of US$5.71 million, compared to US$5.85 million reported for the same period of 2008. Selling and marketing expenses decreased by 20.8% and were US$1.53 million in the first quarter of 2010, compared to US$1.94 million for the same period of the last year. There was a 14.0% increase of general and administrative expenses, which made US$2.99 million against US$2.62 million for the three months ended December 31, 2008. The company noted that differences in operating expenses just represent small variations year over year, and the expenses are expected to be relatively flat annually, across all operating expenses and within each separate category.

Operating loss for the first quarter period was US$2.69 million, compared with an operating loss of US$3.59 million for the same period of 2008. Net loss for the first quarter was  US$1.98 million, or US$0.09 per diluted share, while in the first quarter of the last year it was US$2.87 million, or US$0.13 per diluted share.

For the reported period, BVI company’s revenues were approximately $14,122,000, 5% more than in the same period ended June 30, 2008 when EuroTech reported revenues of  $13,389,000. The net income for six months ended June 30, 2009 was approximately $11,000, as compared to $4,000 for the six months ended June 30, 2008. Company’s net income per ordinary share, basic or diluted, was US$0.0009 in the reported period, while in the same period of 2008 it was US$0.0003. The increase in revenues and income was principally due to the contribution from BVI company’s affiliates Blue Sky and Jia Huan.

For the six months period ended June 30, 2009, Eurotech reported gross profit of $3,080, 000, compared to $3,187 for the same period of 2008. Total assets of the BVI company were $27,010,000 as of June 30, 2009 ($28,278,000 as of December 31, 2008)

Chairman and CEO of Eurotech, Mr. T.C. Leung, commented the unaudited results, saying that 2009 was “a tough year” for the company, as the global financial crisis affected most of its customers, including multinational companies, and Chinese small and medium enterprises, in their investment decisions. He also said that during the reported period, the company has been spending more resources to develop more new environmental protection instruments and equipment, working on a number of engineering projects to be launched in early and mid 2010, and taking part in more related exhibitions to promote their products in China and in the other markets.

Qiao Xing is a British Virgin Islands-registered company which was previously one of the leading manufacturers and distributors of telecommunications terminal products in China, but after making the strategic decision to diversify into the resources industry has become an emerging Chinese resources company. On December 18, following its strategy to become a pure resources company, Qiao Xing Universal Telephone, Inc. announced the change of its name to Qiao Xing Universal Resources, Inc.

The financial results for the six months period were commented by Mr. Wu, Chairman and CEO of Qiao Xing, who said that fiscal 2009 was a year of transition for the company, as it focused its efforts and management attention in the resources industry in China. In April 2009, the BVI company purchased 100% interest in China Luxuriance Jade Company, Ltd, together with the right to explore a large copper-molybdenum mine in Inner Mongolia. In the near future, the company is planning to complete the transition into a natural resources business. Also, the company is seeking additional acquisition objects in the resources industry.

In the first half of 2009, net sales of the company were US$168.5 million, this is an 8 per cent decrease from the same period of 2008, primarily due to lower average selling price of products sold in the first half of 2009. Gross profit of Qiao Xing made US$32.6 million in the first half of 2009 – a 36.3% decrease compared to the gross profit in the first half of 2008. Total operating expenses were US$39.6 million, which represented a dramatic increase of 75.1% from the same period of 2008. Net non-operating losses were US$17.2 million, which is also a significant increase compared to the first half of 2008. This increase is mainly due to non-cash interest expenses related to convertible notes issued by BVI company’s main subsidiary by Qiao Xing Mobile Communication Co., Ltd. In the first six months of 2009, the company reported operating loss in the amount of US$24.2 million. Net loss was US$26.9 million, and basic loss per share was US$0.53.

For the three months ended June 30, 2009, BVI company’s net sales were US$1,9 million, and for the six months period net sales amounted to US$2,57 million. Gross profit for three months made 92%. Also, for the three months period CHNR reported net loss of US$2,3 million, and US$6,75 million for the six months of 2009. Net loss per share, basic or diluted, was 0,10 for the three months period, and 0.27 for six months ended June 30, 2009. The average number of shares outstanding was 21,123,416 for the three months period and 20,883,085 for the six months period.  

 As of June 30, 2009, the BVI company had total assets in the amount of US$137,8 million.

Company’s Chairman and CEO Mr. Feilie Li in his comments on the financial results for the three and six month periods of 2009 stated that “the first half of 2009 posted a challenge to the operation of China Natural Resources. The global financial crisis caused the PRC economy to slow down sharply.  Base metal prices fell in general as compared to the first half of 2008 amid slowing industrial production.” However, he said that company’s mining operations are to benefit from mainland China’s growth prospects and supportive policies. China Natural Resources will continue to expand its coal and base metal resources in the PRC.

The financial results for the period ended September 30, 2009 included both pro forma and actual financial results due to the completion of China Cablecom’s acquisition of 60 per cent interest in Hubei Chutian Video & Information Network late in the second quarter of 2008. Pro forma third quarter results reflect both Hubei acquisition and business combination with Jaguar Acquisition Corporation.

During the reported period, the consolidated revenues of the company were $11.7 million, compared to revenues of $9.4 million for the third quarter of the last year. The increase in revenues was mainly due to the growth in paying subscribers. Consolidated operating expenses were $4.9 million compared to $5.5 million for the third quarter of 2008. Net comprehensive loss for the third quarter of 2009 was 2.9 million, or $0.30 per share (basic or diluted), – compared to a net comprehensive loss of $4.5 million or $0.48 per share in the same period last year.

By words of chief executive officers of the BVI company, company’s primary focus for 2009 was on growing cable operations. They said also that during the fiscal year China Cablecom has delivered 18% rate of growth despite the weakening of global financial markets, this quarter adding 42,739 paying subscribers.