Category Archives: Unaudited financial results

Talon Metals announced third quarter 2019 financial results

Talon Metals Corp., mineral exploration company incorporated in the British Virgin Islands, announced financial results for the third quarter of 2019 ended September 30, 2019. The company reported net loss of US$0.5mln or nil per share, as compared to net loss of US$1.7mln or $0.01 per share for the period ended September 30, 2018. The net loss during the third quarter of 2019 was mainly the result of administration expenses, while in the same period of 2018 it was also the result of the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan.

For the nine month period ended September 30, 2019, the company’s net loss was US$4.2mln or $0.01 per share, compared to net loss of US$6.1mln or $0.05 per share for the same period of the previous year.

Capitalized exploration costs and deferred expenditures reported by the BVI company amounted to US$0.8mln in Q3 2019, as compared to US$0.2mln for the same quarter of 2018. The net capitalized exploration cost on the Tamarack Nickel-Copper-Cobalt Project to September 30, 2019 is US$49.5mln.

Arcos Dorados Holdings reported unaudited results for Q3 2019

BVI-registered Arcos Dorados Holdings, Inc., the largest McDonald’s franchisee in Latin America, has reported unaudited financial results for the third quarter of 2019.

For the three months period ended September 30, 2019 the company reported consolidated revenue growth of 3.8% in US$, and 14.1% in constant currency. Consolidated revenues totaled US$747.6 million. The quarter’s highlights, like most of the others, excluded Venezuela. The BVI holding also reported 10.8% comparable sales expansion in Brazil, and 12.7% year-over-year growth in systemwide comparable sales, above the company’s inflation rate.

General and Administrative expenses increased 2.6% in US dollars versus the year-ago quarter and were down 10 basis points as a percentage of revenue. Net income in US dollars decreased 39.6% from US$42.7 mln to US$25.8 mln, mainly due to last year’s one-time tax credit.

CEO of Arcos Dorados Marcelo Rabach commented: “In light of the largely weak economic conditions in many of our markets, our strong revenue and margin performance validate once again the investments we continue making under our three-pillar strategy to drive profitable growth and extend our leadership position in Brazil and other markets. A combination of guest, volume and check growth accelerated comparable sales again and at a rate still above blended inflation.”

Origin Agritech announced unaudited results for the first half of Financial Year 2019

Origin Agritech Limited, BVI-registered agriculture technology and rural e-commerce company in China, published its unaudited financial results for six months period ended March 31, 2019. The company reported net revenue of RMB82.2 mln (US$12.2 mln) during this period, compared to RMB3.6 mln for the first half year of Financial Year 2018. The total gross profit of the seed business in the first half of FY2019 was RMB19.0 mln (US$2.8 mln).

The BVI company reported total operating expenses for the six months ended March 31, 2019, which made RMB18.1 mln (US$2.7 mln), less by 57% from RMB42.0 mln for the same period of the previous year. The reason for the decrease was the turnaround effort in the general and administrative expenses. Due to company’s returning to the seed business, its selling and marketing expenses for the reported period were RMB2.5 mln (US$0.4 mln), compared to RMB0.7 million a year ago. General and administrative expenses declined 70% and made RMB8.4 mln (US$1.3 mln), and research and development expenses were RMB7.1 mln (US$1.0 mln), down from RMB13.1 mln for the first half of FY2018.

Total operating income of the company for the first six months of FY2019 was RMB0.9 mln (US$0.1 mln), which is a significant change from the operating loss of RMB42.8mln in the previous year. Net income of Origin for the reported period of 2019 was RMB1.2mln (US$0.2mln), as compared to the net loss of RMB25.3 million in the first half of FY2018.

As of March 31, 2019, cash and cash equivalents were RMB5.8 million (US$0.8 million), an increase of RMB3.8 million from the cash and cash equivalents of RMB2.0 million as of September 30, 2018.

Talon Metals reported financial results for three months ended March 31, 2019

Talon Metals Corp. announced financial results for the quarter ended March 31, 2019. For these three months, the BVI corporation reported net loss of US$2.8mln or US$0.01 per share, compared to a net loss of US$2.0mln or US$0.02 per share for the quarter ended March 31, 2018. The year-over-year increase in net loss was mainly the result of a loss on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan, administration expenses and stock option compensation.

For the three months ended March 31, 2019, capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project amounted to US$12.0mln before a recovery of US$4.8mln – compared to US$0.2mln for the three months ended March 31, 2018. The total net capitalized exploration cost on the project was US$47.2mln as at March 31, 2019.