Monthly Archives: September 2007

BVI-registered Passport Global Master Fund is one of 4 investors to acquire 5% stake in DSE

The government of India, has approved the proposal of the British Virgin Islands-registered company Passport Global Master Fund SPC Ltd., to buy a 5% stake in Delhi Stock Exchange for the amount of  Rs 10.61 crore ($2.5 million).

The BVI company became one of 4 foreign investors that have picked up 5 per cent stake in DSE. Other purchasers are Mauritius-based Wilmette Holdings, Kuwait-based Noor Financial Investment Company, Kuwait Privatisation Projects Holding and Ikarus Industrial Petroleum Company of Kuwait.

It is interesting that, having accepted the proposal of Passport’s BVI entity, government had rejected the proposal of Passport Investments, Mauritius, to invest in DSE.

BVI-registered logistics company announces fiscal results for the second quarter ended June 30, 2007

British Virgin Islands company UTi Worldwide Inc. has reported fiscal results for the second quarter ended June 30, 2007, which reflected the continued revenue growth compared to the second quarter 2006. During the second quarter of fiscal 2007, gross revenues were up 17%, from $890.0 billion in the corresponding period of the previous year to $1.0 billion this year. Net revenues rose 20%, from $305.4 million in the same period 2006 to $366.8 million in 2007.

The gross and net revenue gains for the second quarter 2007 was attributed to organic growth across all geographic regions, as well as contributions from acquisitions made by the company since May 1, 2006. The company’s gross and net revenues, excluding acquisitions, were up 14% in the second quarter 2007 over the prior-year period. Operating income in the second quarter of fiscal 2007 totaled $43.3 million. Net income for this period made $27.7 million, or $0.28 per diluted share.

For the six-month period ended July 31, 2007, gross revenues increased 20%, from $1.7 billion for the first six months 2006 to $2.0 billion. Net revenue increased 22% to $702.9 million in the first half of fiscal 2007, compared with $577.0 in the first half of fiscal 2007. Operating income for the first six months of fiscal 2007 totaled $74.7 million, compared to $80.5 million in the same period of 2006. Net income for the first half of 2007 was $45.8 million, or $0.46 per diluted share. This compares with $53.8 million, or $0.54 per diluted share, in the same period of last year.

UTi Worldwide is a BVI-based global integrated logistics company, providing supply chain management and optimization solutions.

BVI-domiciled AGP Group reports fiscal results for the period ended 30th June 2007

Asian Growth Properties Limited (AGP), a well-known China property development and investment company registered in the British Virgin Islands, has announced its unaudited consolidated results for the first six months of the year, ended June 30, 2007. The main highlights of the report are as follows:
Total operating revenue of the company made HK$379.0 million. Total profit before taxation – HK$157.5 million. Profits attributable to the Company’s shareholders on the 30th of June 2007 are HK$107.3 million, equities attributable to the company’s shareholders are HK$6,201 million. Earnings per share made HK$0.12 (compared to HK$0.2 per share in 2006). Net asset value per share at 30 June made HK$7.00 (compared to HK$6.85 per share in 2006).

The 2007 Interim report will be posted to shareholders and holders of depositary interests in the mid of September 2007. During the reported period, the BVI AGP Group continued development of various projects in Hong Kong and China mainland. Also, the Group’s size and revenue generating potential have been increased since the acquisition of six investment and development properties from its major shareholder SEA Holdings Limited in the second half of 2006.

The AGP Group is focused primarily on commercial, residential and retail properties in China and Hong Kong. It has its headquarters in Hong Kong, and is listed on the London Stock Exchange Alternative Investment Market (AIM).

Playtech Limited reports interim results for the period ended 30 June 2007

Playtech Limited, the online gaming software supplier which has registered office in the British Virgin Islands, announced interim results for the six months ended 30 June 2007. The BVI company reported total revenues for the first half of the year in the amount of $44.0 million – 80% more than in 2006 ($24.5 million). Casino revenues increased by 53%, to $32.6 million from $21.3 million in 2006. Poker revenues were up by 275%, to $10.5 million ($2.8 million in 2006).

It is also notable that currently monthly royalty run now achieved the peak levels of pre-October 2006, when  the US Congress passed the new Internet gambling law which made most online gambling companies to lose their positions. Company earnings before interest, tax, depreciation and amortisation in the first half of the year made US$30.7 million – up 2% compared to the year 2006. Interim dividends in the amount of approximately US$13 million, – 6.1 cents per share – are to be paid on 19 October 2006.

The BVI-based Playtech Limited defined its main goal as enhancing its position of the world’s leading software solution provider to the gaming industry. It is reported that in the last six months, after acquiring assets of Tribeca, Playtech’s poker network has become the world’s largest independent network. Also, during the first half of 2007 Playtech successfully integrated its new development centres in India and Philippines, and has firmly established its subsidiary in Bulgaria. In this period, a record amount of 12 new software licensees (8 of them migrated from Tribeca) was signed up by the company.