Category Archives: Financial results of BVI Company Holdings

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.

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.

Global-Tech announced financial results for Q2 of fiscal 2016

BVI-incorporated holding company Global-Tech Advanced Innovations Inc., engaged into manufacturing and marketing of high-quality products for the communications industry in China and in other countries, reported its financial results for the second quarter of the year ended September 30, 2015. In this period, which is the second quarter of company’s fiscal 2016, net sales were US$20.1mln, as compared to US$21.1mln for the same quarter of fiscal 2015. Net loss for Q2 of fiscal 2016 was US$2.2mln, or US$0.72 per share (US$2.2mln, or US$0.74 per share in the second quarter of fiscal 2015).

For the six month period ended September 30, 2015, net sales were US$35.4mln, as compared to US$45.7mln in the same period of last year. Net loss for the six months was US$3.2mln, or US$1.06 per share, compared to net loss of US$2.5mln, or US$0.83 per share, in the first half of fiscal 2015.

Luxoft announced financial results for three and six months ended September 30, 2015

BVI-registered company Luxoft Holding, Inc., providing software and innovative IT solutions globally, reported financial results for the three and six month periods ended September 30, 2015. For the three months, company’s revenue increased to US$161.5 million – that is 29.1 per cent higher than in the same period last year, when company’s revenue was US$125.1 million. US GAAP net income was US$23 million in, or US$0.67 per diluted share, as compared to US$17.6 million or US$0.54 per diluted share for the same period a year ago. Non-GAAP net income of the Luxoft Holding was US$28.6 million, or US$0.84 per diluted share, compared to US$19.0 million and US$0.58 per diluted share for the same period a year ago. Adjusted EBITDA was US$37.0 million and corresponding margins of 22.9 per cent, as compared to US$24.4 million and US19.5 per cent respectively in the year-ago quarter and US$27.2 million.

BVI company’s revenues generated in the US increased by 2.9%, the UK revenues increased by 55.4%, and Germany revenues increased 24.0%, as compared to the first six months of the previous year. Thus, the company generated approximately 7.1 per cent increase in revenue per delivery employee.