Category Archives: Unaudited financial results

China Information Technology, Inc. announced six months financial results

BVI company China Information Technology, Inc. reported financial results for the first half of the year ended December 31, 2016. In this period, company’s revenues were US$7.24 million, and company’s net earnings were US$11.11 million. Earnings increased compared to the same period of the previous year, despite the decrease in operating and pretax margins.

Company’s gross margins narrowed from 38.90% to 22.86% in the first half of 2016, compared to the same period last year. Operating (EBITDA) margins now make -53.91%, from -12.75%.

Atlas Mara Limited reported unaudited first quarter results

BVI-registered financial services company Atlas Mara Limited announced unaudited fiscal results for the first quarter ended 31 March 2017. For the three months of the year, the company reported profit after tax of US$5.0mln, which is its largest quarterly operating profit since inception. Company’s total operating expenditure was 13.0% lower than in the comparative prior period.

Atlas Mara’s total income increased by 12.5% compared to the previous year, driven by the 56.5% increase in net interest income. Expenses declined by 13% on year-on-year basis, and by 10.6% on a constant currency basis. The cost to income ratio in the first quarter of 2017 was 85.6%. Atlas Mara reported a profit of US$5.2 million for the first three months of 2017, on an adjusted operating profit basis, and an adjusted cost-to-income ratio was 85.4%.

In the first three months of 2017, company’s reported equity was US$547.7 million, an increase of US$21.6 million from 31 December 2016. Book value per share is at US$6.89 at 31 March 2017 (compared to US$7.29 in the previous quarter). Tangible book value per share is at $5.31 at 31 March 2017 ($5.27 at 31 December 2016).

Atlas Mara expects to deliver a significant improvement in earnings in 2017, as the company plans to execute on cost savings and revenue growth plans. It also targets reported earnings for 2017 of more than double the level achieved in 2016.

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.