Lenta Ltd., BVI-registered company operating one of the largest retail chains in Russia, announced its consolidated sales and operating results for the fourth quarter and full year period ended 31 December 2017. For the fourth quarter of 2017, company’s total sales grew 23.4% as compared to the same period of 2016; sales growth was 5.2%. In Q4 2017, 30 new hypermarkets and 33 new supermarkets were opened, allowing the total store amount to reach 328 as at 31 December 2017.
In the twelve months ended 31 December 2017, total sales grew 19.2% as compared to the previous year results. Annual sales growth made 0.9%. During the reported year Lenta opened 40 new hypermarkets and 49 new supermarkets and started expansion in Siberia and Ural regions.
Lenta’s CEO Jan Dunning commented on the operating results: “Lenta’s sales growth accelerated to 23% in the fourth quarter of 2017, driven by an improvement in like-for-like sales growth to 5.2% combined with a 21% increase in selling space. Customers reacted positively to continuing improvements in our offering, range, marketing and communication and this led to substantial improvements in both like-for-like ticket and traffic growth.”
West African Minerals Corporation, British Virgin Islands-registered corporation working in the sphere of iron ore mining and exploration, announced its unaudited consolidated interim financial statements for the period ended 30 September 2017. For the reported period, company’s total assets decreased to £2.8mln as compared to £22.2mln for the period ended 30 September 2016. Company’s cash at hand made £2.67mln (£3.15mln in the previous reported period). Also, according to the report, operational expenses continue to be rigorously controlled.
Also, the group reported total comprehensive loss of £19.4mln, as compared to £0.07mln during the same financial period of the previous year. Basic and diluted loss per share increased to 0.05 pence per share (0.03 pence in the period ended 30 September 2016). West African Minerals’ shareholders’ equity at 30 September 2017 was £2.64mln (£22.04mln at 31 March 2017); the 88% reduction was primarily the result of the full impairment of Sanaga costs incurred during the period.
The BVI group continues to follow the strategy of reducing operational and corporate expenditure to preserve its cash positions. This includes significant reduction of the operational team and exploration field activities, successful reduction in the lease area size in Cameroon, and optimization of Corporate overheads. It is expected that the strategy will remain in place until the next financial year end.
BVI-domiciled Atlas Mara Limited, the sub-Saharan African financial services group, announced unaudited financial results for the nine months ended 30 September 2017. For the reported period, total net profit of the group was US$15.8 million, compared to US$4.0 million for the same period of 2016, and US$4.3 million net profit reported for the Q3 ended September 2017, compared to US$2.8 million for the third quarter of the previous year.
Total income of the BVI group increased by 6.7% largely driven by an increase of 56.2% in net interest income. Non-interest income decreased by 30.0% mainly due to declines in Botswana, Mozambique and Shared Services and Center. The increase in net interest income has been supported by the decrease in the Group’s cost of funds from 8.3% reported at September 2016 to 5.2% as at 30 September 2017.
Equity reported at the end of the period was US$757.5 million, an increase of US$231.4 million from 31 December 2016, mostly driven by the completion of the US$200 million strategic financing transaction and equity placing concluded during Q3. Book value per share was US$4.44 at 30 September 2017, compared to US$7.18 at 30 June 2017. Tangible book value per share was US$3.58 at 30 September 2017, compared to US$5.31 at 30 June 2017.
Talon Metals Corp. announced financial results for the three months period ended March 31, 2017. The BVI corporation reported net loss of $1.9 million, or $0.01 per share (basic and diluted), due to the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan and administration expenses. The reported net loss compares to net income for the three months ended March 31, 2016, of $1.8 million or $0.01 per share (basic and diluted).
Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project of the company for the three months ended March 31, 2017 were $1.0 million, as compared to $21.2 million for the same period of 2016. The total capitalized exploration cost on the Project to March 31, 2017 amounted to $38.1 million.