Luxoft Holding, Inc., BVI-based provider of software development services and IT solutions to a global client base, reported financial results for the three and nine month periods ended December 31, 2014. For the three months period, revenue of the BVI company was US$145.8 million – 31.8 per cent increase if compared to the same period of the previous year, when Luxoft reported revenue in the amount of US$110.6 million. US GAAP net income was US$23.9 million, or US$0.73 per diluted share, as compared to US$17.7 million, or US$0.54 per diluted shares in the same period of 2013. Non-GAAP net income was $26.6 million, or $0.81 per diluted share, compared to $17.7 million and $0.54 per diluted share for the same period of 2013.
For the nine months ended December 31, 2014, Luxoft’s reported revenue increased to US$383.2 million – 31.2 per cent higher than in the same period of last year. Operating income was US$64.9 million – 40.2 per cent increase from US$46.3 million in the first nine months of 2013. US GAAP net income was US$54.1 million, or US$1.64 per diluted share, compared to US$40.8 million, or US$1.27 per diluted share for the same period of 2013. Non-GAAP net income was $60.2 million, or $1.82 per diluted share, compared to $44.4 million and $1.38 per diluted share for the same period a year ago.
The company confirmed that the expected revenue in the end of this financial year ending March 31, 2015, is to be at least US$510 million – that is 28% higher than in the previous year.
A.M. Best Co., a global full-service credit rating agency focused on the insurance industry, has awarded a financial strength rating of B+ (Good) and an issuer credit rating of “bbb-” with stable outlook to Active Capital Reinsurance, Ltd. (AC Re). This company, domiciled in Barbados, is owned by Active Capital Holdings Corp., – a privately owned holding company registered in the BVI jurisdiction.
The current rating assigned by A.M. Best Co. reflects Active Capital Reinsurance’s high risk-adjusted capitalization, which was enhanced in recent years due to favourable underwriting and overall earnings, and its Latin American market expertise. The company is working several years with Latin American clients, and has developed extensive knowledge of this market in which it operates and maintains effective risk management strategies.
Active Capital Reinsurance started operations in 2008, providing credit card affinity programs and reinsurance solutions to financial institutions in Latin America, and continues to evolve its profile.
BVI-registered holding company Global-Tech Advanced Innovations Inc., operating in the sector of home appliances and electronic components, has filed its annual report for the fiscal year ended March 31, 2013. For this year, company’s net sales were US$81.1 million – this is approximately 16.4% increase from fiscal 2012 with net sales of US$69.7 million. Net loss for the year 2013 was US$2.0 million, or US$0.65 per share, compared to a net income of US$1.4 million, or US$0.46 per share, in fiscal 2012.
For the fourth quarter of fiscal year 2013, net sales were US$13.9 million (US$15.5 million in the fourth quarter of fiscal 2012). Also, in Q4 2013 net loss was US$2,3 million, or US$0.75 per share, compared to a net loss of US$1.5 million, or US$0.51 per share, for Q4 2012.
Despite losses in fiscal 2013, Global-Tech’s cash flow remained positive as net cash position increased approximately US$1.9 million to US$42.2 million, due to a significant reduction in accounts receivables.
Global-Tech Advanced Innovations Inc. owns subsidiaries that manufacture and market a diversified portfolio of products, for example, complementary metal oxide semiconductor (CMOS) and camera modules (CCMs). The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export such products to markets in other countries throughout the world.
Talon Metals Corp., a TSX-listed company based in the British Virgin Islands, reported financial results for the first quarter of 2013. For the three month period ended March 31, the BVI company announced a net loss in the amount of US$1.3 million, or $0.01 per share (basic and diluted), as compared to a net loss of US$1.0 million or $0.01 per share (basic and diluted) for the three months ended March 31, 2012. The net loss for the three months of 2013 was primarily the result of administration expenses and Talon’s share of loss in Tlou Energy Limited.
In the first quarter of 2013, capitalized exploration cost on the Trairão Iron Project was US$0.4 million, as compared to US$1.0 million for the first three months of the previous year. Total capitalized exploration cost on the project amounted to US$$17.0 million, as of March 31, 2013.