BVI Company Financial News

British Virgin Islands-registered company China Dredging Group Co., Ltd., which is one of the leading dredging contractors operating in China, announced selected financial and operational results for the three months period ended September 30, 2010. The company reported revenue in the amount of US$45.4 million, income from operations in the amount of US$23.5 million. BVI company’s net income in the reported period was US$17.3 million, and net cash provided by operating activities was US$24.9 million.

China Dredging Group had nine dredgers in operations throughout the third quarter of the year. As of September 30, 2010, company’s backlog was US$124.1 million.

Mr. Alfred Ho, CFO of China Dredging Group, commented on the quarter results: “We are pleased with the third quarter performance. We are well on our way to achieve our annual financial objectives for Financial Year 2010.”

British Virgin Islands-registered company China Cablecom Holdings, Ltd. announced its unaudited financial results for the second quarter of 2010. BVI company’s subsidiaries Binzhou and Hubei generated year-over-year increase of revenue of approximately 30% in the reported period. The revenues of Hubei were $10.9 million, an increase of 29%  compared to the second quarter of 2009; Hubei earnings before interest and taxes represented company’s 55% share and were $2.6 million, this is 38% increase as compared to the second quarter of 2009. During the reported period, Hubei added nearly 23,000 subscribers. Binzhou reported revenues of $3.1 million, a 34% increase over the second quarter of 2009. Binzhou earnings before interest and taxes representing company’s 60% share was $1.4 million, a 54% increase over the second quarter of 2009.

In the reported period, China Cablecom’s consolidated revenues were $14 million compared to consolidated revenues of $10,7 million for the same period of the previous year. Operating expenses were $5.7 million compared to $4.7 million in the second quarter of 2009. In the second quarter of 2010, the BVI company reported net loss attributable to ordinary shareholders in the amount of $2.4 million, or$0.39 per share (basic and diluted), as compared to $4.4 million, or $1.37 per share in the second quarter of the previous year.

Also, China Cablecom reiterated its revenue guidance of $50-55 million for the full year of 2010. The BVI company expects earnings before interest and taxes in 2010 to be in the range of $14-15 million, accounting for the 60% economic ownership in Binzhou and 55% economic ownership in Hubei.

CIC Energy Corp., BVI-registered company working on a coal project in South Africa, published its financial results for the third quarter period ended August 31, 2010. The company has reported a $1.5 million loss, or $0.03 per share, compared to $3.3 million loss, or $0.06 per share in the same period of the previous year.

For the nine month period ended August 31, 2010, the BVI company reported net loss of almost $7 million, or $0.13 per share, compared to a loss of $5.3 million, or $0.10 per share for the same period last year.

The year over year change in net loss for the three month period is primarily due to reduced interest received on cash and cash equivalents. For the nine month period, it is due to a combination of the reduced interest received on cash and cash equivalents and the reduction of profit on foreign exchange.

By August 31, 2010, capital expenditure on exploration properties amounted to $168 million, with capitalized exploration costs for the first nine months of 2010 totaling $7 million.

CIC Energy also said that last week it entered in negotiations to sell at least 51% of its common stock in a deal that values the company at $407.5 million. However the preliminary agreement is non-binding, and there is no assurance that the deal will be completed.