The North West Company Inc., the Canada-based retailer with presence in the Caribbean region, announced its unaudited financial results for the second quarter ended July 31, 2018. According to the company President and CEO Edward Kennedy, company’s new business investment in the Roadtown Wholesale Trading Ltd. in the British Virgin Islands contributed at or above expectations and brought positive results.
Company’s consolidated sales in the second quarter decreased 2.2% to US$503.8mln because of negative impact of store closures related to hurricanes in the Caribbean and BVI. Gross profit of the company increased 0.5% , mainly because of the change in product sales blend. Selling, operating and administrative expenses increased 4.8%, primarily due to a $6.5mln increase in share-based compensation expenses, NSA expenses and new stores in Canadian operations.
Earnings from operations decreased 16.2% to US$27.8mln, compared to US$33.2mln in the same quarter of the previous year. Net earnings decreased 20% and made US$18.6mln; net earnings attributable to shareholders of the company were US$17.6mln, and diluted earnings per share were US$0.36, compared to US$0.46 last year. Adjusted net earnings decreased 5.4% due to the impact of the hurricane-related store closures.
Talon Metals Corp. announced financial results for the three months ended March 31, 2018. For this period, the BVI company reported net loss of US$2.0mln, or US$0.02 per share (basic and diluted). This result compares to the net loss of US$1.9mln or US$0.01 per share for the three months ended March 31, 2017. Both results were primarily due to the loss on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan and administration expenses.
For the three months ended March 31, 2018, capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project amounted to US$0.2mln, as compared to US$1.0mln for the same period of the previous year. The total capitalized exploration cost on the Tamarack NIckel-Copper-PGE Project to March 31, 2018 was US$39.1mln.
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.