Category Archives: Unaudited financial results

Redomiciled Aura Minerals announced financial results for Q4 and year 2016

Mining company Aura Minerals Inc., which in December 2016 redomiciled from the jurisdiction of Canada to the British Virgin Islands, announced its financial and operating results for the fourth quarter and the year ended 31 December 2016, as well as its 2017 guidance.

In the fourth quarter of 2016, net sales revenue of the company decreased by 9 per cent as compared to the same quarter of 2015, while net sales for the year ended December 31, 2016 decreased by 12 per cent compared to the previous year figures. For the fourth quarter of 2016 the BVI company reported income of US$20,353, or US$0.62 per share, compared to a loss of US$11,886 or US$0.42 per share for the same period of 2015. For the reported year, income was US$19,020 or US$0.64 per share compared to a loss of US$14,479 or US$0.56 per share in the same period of last year.

A non-recurring gain on acquisition from Ernesto /Pau-a-Pique Project of US$19,886 before tax is also included in the income for the fourth quarter and year ended December 31, 2016. For the year ended December 31, 2016, Aura Minerals recorded total proceeds of US$4,093 (net of share issue cost of US$69).

Eco Oil and Gas Limited Ltd reported financial results for nine months ended 31 December 2016

BVI-registered and Canada-based oil and gas exploration company Eco (Atlantic) Oil & Gas Ltd. announced its financial results for the three and nine month period ended December 31, 2016, as well as provided and update on its corporate achievement for the first half of 2017.

For the nine month period, Eco Oil & Gas reported continued reduction of general and administrative costs, compensation expenses and professional fees from a total of CDN $1,144,000 for the same period of the previous year to CDN $798,000. The BVI company has met all of its current work commitments under the various Petroleum Agreements’ and is being cost carried and sufficiently funded to continue its exploration projects for the current fiscal year.

In February 2017, Eco Oil & Gas Ltd. completed admission of its common shares to trading on the AIM market of the London Stock Exchange. CDN $8.4mln raised by the company will allow it to augment the activities achieved during the nine month period ended December 31, 2016. Company’s cash and cash equivalents make $6.9mln by the date of the report, following the admission and financing.

Also, the BVI company completed sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd., which has significantly reduced its liabilities and has allowed it to focus attention on the Guyana and Namibia operations.

Origin Agritech reported unaudited results for Fiscal Year 2016

Origin Agritech Ltd, an agricultural biotechnological company registered in BVI, announced its unaudited financial results for the fiscal year ended September 30, 2016. Total revenues of the company were US$50.2mln, which is 11% less from annual revenues in the period ended September 30, 2015. This decrease was primarily due to lower sales volumes for corn and rice seeds as a result of market oversupply. In fiscal year 2016, corn seeds accounted for 91% of overall sales, and total revenues from corn sales were US$45.9mln; annual revenues from rice seeds sales were US$3.0mln (a decrease compared to fiscal year 2015), and canola seeds sales were US$1.3mln in 2016. Because of continued decline of rice and canola seeds sales, Origin is phasing out of these product lines in 2017.

In fiscal year 2016, operating expenses of the BVI company were US$20.6mln, which is an increase of 23.5% from fiscal year 2015 due to restructuring costs and expansion expenses. Selling and marketing expenses decreased 4.8% from the previous year.

Operating loss for the reported year was US$9.2mln; net loss attributable to Origin for the fiscal year ended September 30, 2016 was US$9.8mln. Net loss per share reported by the company in fiscal year 2016 was US$0.43.

West African Minerals Corporation reported interim results for period ended 30 September, 2016

West African Minerals Corporation, the AIM-listed mining company incorporated in the British Virgin Islands, reported its unaudited consolidated interim financial statements for the period ended 30 September 2016. In the reported year half, BVI group’s total assets remained at the same level of £22.4mln (£22.4mln in the previous period ended 31 March 2016), without impairment losses. Cash on hand was £3.44mln (£3.57mln at 31 March 2016).

For the reported financial period, group’s comprehensive loss was £0.07mln, as compared to £0.41mln in the same period of 2015. There was a decrease in basic and diluted loss per shre from 0.11 pence as at 30 September 2015 to 0.03 pence per share as at 30 September 2016.

West African Minerals announced that in 2017 it will continue its strategy to focus on cash preservation, because of continuing uncertainty over the medium term evolution of iron ore prices. Also, the company will continue to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.