Archive for the ‘Financial results of BVI Company Holdings’ Category

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Global-Tech Advanced Innovations announced financial results for second quarter of fiscal 2012

Thursday, February 2nd, 2012

In January, Global-Tech Advanced Innovations Inc., a holding company registered in the British Virgin Islands, announced its financial results for the second quarter ended September 30, 2011 – this is company’s second quarter of fiscal 2012.

For the reported period, net sales of the BVI company were US$33.8 million, an increase of 35% when compared to US$25.0 million reported for the second quarter of the year 2012. Net sales of home appliances and electronic components increased approximately 58% and 31%, respectively, while revenues in electronic manufacturing services declined approximately 13% for the second quarter of 2012. Net income was US$1.2 million, or US$0.39 per share, compared to a net loss of US$0.9 million, or US$0.29 per share, for the second quarter of fiscal 2011.

For the six months period ended September 30, 2011, net sales were US$58.9 million, up 16% as compared to US$50.8 million in the same period of fiscal 2011. In the first six months of 2012, net sales of home appliances and electronic components increased approximately 18% and 19%, respectively, while revenues in electronic manufacturing services declined approximately 3%, compared to the same period in fiscal 2011. Net loss in the reported period of fiscal 2012 was US$0.4 million, or US$0.13 per share, compared to a net loss of US$0.1 million, or US$0.03 per share, for the corresponding period of fiscal 2011.

John C.K. Sham, BVI company’s CEO and President, said in his comments on the results for the second quarter that company’s cash less short-term debt position has improved significantly since the end of fiscal year 2011 and, as of September 30, 2011, now exceeds US$13.00 per share.

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BVI-registered Euro Tech Holdings Company Limited reports interim results for six months period

Wednesday, December 14th, 2011

Euro Tech Holdings Company Limited, the company incorporated in the British Virgin Islands and headquartered in Hong Kong, announced its unaudited financial results for the six months ended June 30, 2011. BVI company’s revenues for the reported period were approximately US$9,554,000, this is a 7.8% decrease as compared to approximately US$10,363,000 for the six months ended June 30, 2010.

For the six months ended June 30, 2011, the BVI company reported net income in the amount of US$1,330,000. At the same time, the further drop of revenues from trading business was US$2,139,000.

Company’s operating results changed from the loss for the six months ended June 30, 2010 to a net income for the six months ended June 30, 2011 – principally due to the reduction of selling and administrative expenses of approximately US$428,000.

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BVI-registered company Chaarat Gold Holdings reported unaudited results for six months

Tuesday, October 4th, 2011

The British Virgin Islands-registered company Chaarat Gold Holdings Limited announced unaudited results for the six month period ended 30 June 2011. By words of Chief Executive Officer of Chaarat, the BVI company has sustained progress with both exploration and on planning and initiating the infrastructure for the mining operation. He also said that the proceeds of the placing completed in February are starting to be deployed, whilst resource base continues to grow as expected.

According to the Consolidated income statement of the BVI company for the six months period, company’s financial income was USD 806,895 (compared to 8,270 in the same period of 2010). In the consolidated balance sheet of the company as of 30 June 2011, there are the following figures: total assets of the company are USD 95,126,962 , reported share capital is USD 2,503,562, accumulated losses of the BVI company are USD 92,387,842.

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic. Currently company’s main activities are the development of the Kiziltash Project and the Tulkubash Project situated within the Middle Tien Shan Mountains of Kyrgyzstan.

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Global-Tech Advanced Innovations reported financial results for Q2 of fiscal year 2011

Monday, January 10th, 2011

British Virgin Islands-incorporated holding Global-Tech Advanced Innovations Inc. announced its financial results for the second quarter of fiscal year 2011. For the reported period ended September 30, 2010, net sales of the BVI company were US$25 million, as compared to US$29 million in the same period of the previous year. Also, in the second quarter of fiscal 2011 net loss of the company was US$0.9 million, or US$0.29 per share, compared to net income of US$1.6 million, or US$0.51 per share, reported by Global-Tech in the second quarter of fiscal 2010. 

For the six months ended September 30, 2010, the BVI company reported net sales in the amount of US$50.8 million, compared to US$54.6 million in the corresponding six-month period of the last year. Net loss for the six months was US$0.1 million, or US$0.03 per share, compared to net income of US$2.7 million, or US$0.89 per share, for the first half of fiscal 2010.

Global-Tech’s President and CEO Mr. Sham said in his comments that the increased revenues from the electronic component and electronic manufacturing service businesses “were insufficient to offset the continued decline in net sales of our floor care business.” He also said that the “overall gross profit margin remains weak as operating costs, particularly labor and energy costs, continue to increase. This increase in costs was attributable, in part, to rising inflation that has been taking place in China. Additionally, our fixed cost absorption rate increased due to declining activity. Accordingly, the Company must continue to refine its focus on productivity and efficiency.”

By words of Mr. Sham, the company does not expect significant improvements in the floor care business during the remainder of fiscal year, and accordingly it is increasing its efforts to incorporate proprietary elements into the electronic component business and improve efficiencies in its EMS business. Also, Global-Tech continues its emphasis on the expansion of business in China.

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