BVI Company Financial News

BVI-registered company Nam Tai Electronics, Inc. announced its unaudited results for the second quarter of the year ended June 30, 2011. According to the operations review, sales in the second quarter were US$147.7 million, this is 29.7% up from US$113.9 million in the same quarter of 2010.

In the second quarter of 2011, gross profit decreased 25.6% as compared to the same quarter last year, and made US$9.5 million (US$12.7 million in the second quarter of 2010). Gross profit margin in the second quarter of 2011 decreased from 11.2% to 6.4% in the second quarter of 2010.

Consistent with its long-term business strategy, the company is narrowing its focus to higher-growth, lower-margin business opportunities, such as key component assembly for telecommunication products, which leverage company core strengths.

Lower gross margins resulted in operating income of US$0.7 million in the second quarter of 2011, down from US$3.8 million in the second quarter of 2010. The BVI company reported net income in the amount of US$3 million in the second quarter of 2011 compared with the US$3.2 million for the second quarter of last year.

For the six months ended June 30, 2011, net sales of Nam Tai Electronics were US$309.6 million, an increase of 60.3% as compared to US$193.2 million in the same period of last year. Gross profit margin of the BVI company was 5.7% as compared to 9.9% in the same period of 2010. Gross profit was US$17.7 million, down 8% as compared to US$19.2 million in the same period of last year. Net income for the six months ended June 30, 2011 was US$5.0 million, or US$0.11 per share (diluted), as compared to net income of US$2.1 million, or US$0.05 per share (diluted) in the same period of last year.

Pansoft Company Limited, BVI-registered provider of software solutions for oil and gas industry in China, announced unaudited financial results for the second quarter of the year ended December 31, 2010. According to the information published by the BVI company, its revenues for the second quarter of 2011 were US$7.2 million, this is an increase of 47.0% compared to US$4.9 million for the three months ended December 31, 2010. Gross profit of the company was US$3.1 million, this is 19.1% increase compared to US$2.6 million in the same period of the last year. Gross margin was 42.9%, compared to 53% in the same period last year.

Operating profit was US$1.6 million, compared to US$2.1 million in 2010. Net income was US$1.4 million (US$1.9 million in the last year). Diluted earnings per share were US$0.25, compared to US$0.36 in the prior year period.

For the six months period ended December 31, 2010, BVI company’s revenues were US$10.7 million, this is 50.7% increase compared to the same period last year. The increase was due to the contribution from newly acquired businesses. Cost of sales was US$5.9 million, an increase of 77.2% from US$3.3 million in the six months ended December 31, 2009.

In the six months period gross profit was US$4.8 million, an increase of 27.3% from US$3.8 million in the six months ended December 31, 2009. Gross margin was 44.9% (53.1% in 2009). Operating expenses were US$2.1 million (US$1.0 million in the six months ended December 31, 2009). Operating profit was $2.7 million ($2.8 million in the six months ended December 31, 2009). Operating margin was 25.2% compared to 38.9% in the six months ended December 31, 2009.

Net income was US$2.4 million (US$2.6 million in the corresponding period in 2009) – lower than the prior period for some reasons. Diluted earnings per share were $0.45, compared to $0.48 in the corresponding period in 2009.

China TechFaith Wireless Communication Technology Ltd., mobile handset-maker registered in the British Virgin Islands focused on the research, development and design of mobile hand software, reported its financial results for the fourth quarter of the year. According to the information reported by the company, its shares rose more than 10 per cent and reached a near three-year high of US$4.75. In the fourth quarter, net income increased to US$8.9 million, or 17 cents per share, while revenue raised significantly 29 percent to US$76.9 million.

The BVI company said it was seeing growth in diverse markets for its Android-based smartphones, and expected the increase of its gaming business share. It expects to launch a software package that converts existing games into motion games, new motion gaming controlers, a gaming console box and a satellite television box in 2011.

Techfaith expects first-quarter revenue to increase 1.4%-5.3% to US$78-$81 million.