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.
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.
BVI-registered company Luxoft Holding, Inc, providing software development services and IT solutions, reported financial results for the three months ended June 30, 2015. Company’s US GAAP revenue for this period was US$148.1mln, which is 31.8 per cent higher than in the same period of 2014, on the reporting currency basis, and 45.6 per cent higher on the constant currency basis. Non-GAAP net income was US$20.6mln, or US$0.61 per diluted share – an increase of 40.9 per cent over the same quarter of the last year. Diluted earnings per share (EPS) on an US GAAP basis was US$0.43 (US$0.38 in the same quarter 2014).
The BVI holding also released an outlook for the financial year ending March 31, 2016, having increased its original revenue and EPS guidance. Luxoft expects its revenue to reach at least US$640.3mln, which is 23 per cent higher than in the previous fiscal year, compared to at least US$625mln, an increase of at least 20.0 per cent year over year and 26 per cent in constant currency. Diluted EPS is expected to reach at least US$2.02 on an US GAAP basis, as compared to US$2.00 previously. Fully diluted EPS is expected to reach at least US$2.55 on a non-GAAP basis, compared to US$2.52 previously.
The chairman of Thalassa Holdings, the BVI company focused on Energy services industry, purchased 50,000 shares of it for 51p each, having spent totally £25,000, and showing confidence in the holding group, although it has faced some challenges due to the collapse of the oil prices in the market.
As a result of the transaction, Soukup, which is the founding shareholder and chairman of the BVI group, is the holder of 3.49 million shares in it, representing 14.1 per cent of its total voting rights.
Last month, Thalassa Holdings announced pre-tax loss of US$12.23 million for year 2014, compared with profit of US$4.96 million in the year 2013. Also, company’s revenue fell by 49.1 per cent to US$15.5 million, following the drop in oil prices which started at the end of last year.