Category Archives: Unaudited financial results

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.

Euro Tech holding reported unaudited financial results for 1H 2018

Euro Tech Holdings Company Limited announced the unaudited financial results for the six months period ended June 30, 2018. The BVI company reported 9.29% increase of revenues from approximately US$8,707,000 for the six months ended June 30, 2017 to approximately US$9,516,000 in the same period of this year. During this period, revenues from trading activities increased by US$264,000, and from manufacturing activities they increased by US$545,000.

In 1H 2018, Euro Tech’s gross profits made approximately US$1,460,000, which is 23% decrease as compared to approximately US$1,895,000 for the first half of the previous year. The reason of the decrease was mainly the fall of the gross profit margin percentage of contract in the highly competitive market circumstances.

Selling and administrative expenses made approximately US$2,437,000 in the first six months of 2018, compared to approximately US$2,491,000 for 1H 2017. Net profit was approximately US$878,000 in the reported period, as compared to net loss of approximately US$92,000 in the same period of 2017.

The BVI company declared and paid dividend of US$0.70 per share. It is expected that the economic slowdown in China will adversely affect the performance of Euro Tech in the second half of 2018.

Hollysys Automation Technologies announced financial results for Q1 of fiscal year 2019

Hollysys Automation Technologies, the leading provider of automation and control technologies and applications in China, incorporated in the British Virgin Islands and headquartered in China, announced its unaudited financial results for fiscal year 2019 first quarter ended September 30, 2018.

For this period, company’s total revenues were US$138.7 million, which is 20.1% higher as compared to the same period of the previous year. Non-GAAP net income attributable to Hollysys was US$28.1 million, an increase of 27.9% compared to the first quarter of fiscal 2018.
Non-GAAP gross margin was at 37.2% (36.6% for the same period of the prior year). Diluted earnings per share were US$0.46, an increase of 27.8% as compared to the first quarter of fiscal 2018.

The BVI company reported that for the current quarter net cash provided by operating activities was US$36.6 million.