Monthly Archives: December 2007

Qiao Xing Universal Telephone announces financial results for 3rd quarter

On December 20, 2007, the BVI-registered company Qiao Xing Universal Telephone, Inc. announced its unaudited financial results for the 3 months ended on September 30, 2007.

The company highlighted that compared to the same period last year, in the 3rd quarter of 2007 net sales and income from operations increased by 22.8% and 9.2% respectively and reached USD 139.5 million and USD 24.2 million for the 3rd quarter.

As to gross profit, in the above-mentioned quarter, revenues from the sale of CECT-branded mobile phone handsets were USD 109.5 million, which is an increase of 28.6% compared to the same period a year earlier. So, in this quarter, gross profits reached USD 32.9 million.

Gross margin saw an increase from 22.5% of revenues for the 3ird quarter of 2006 to 23.6% for the 3ird quarter of 2007.

Basic loss per share of common stock in the above-mentioned quarter was USD 0.04, while basic earnings per share of common stock would have been USD 0.43, had certain non-cash income and expenses been excluded.

According to Chairman of Qiao Xing Universal Telephone, one of China’s largest manufacturers and distributor of telecommunications products in China, Mr. Wu Rui Lin, in the 3rd quarter of 2007 the British Virgin Islands-incorporated company set a record for unit shipments of mobile phone handsets, and sales continue to be strong.

UTI Worldwide announces quarterly results

On December 14, 2007, UTI Worldwide, Inc., an international, non-asset-based global integrated logistics company providing supply chain management and optimization solutions, announced the results the quarter ending on October 31, 2007.

According to the income statement made by the British Virgin Islands-registered UTI Worldwide, the company’s gross profit was more than USD 184 million, while in the previous quarter it was about USD 171 million.

As regards operating income or loss, it increased to almost USD 49 million as compared to approximately USD 43 million in the previous quarter and about USD 32 million in the quarter ending on April 30, 2007 and in the quarter ending on January 31, 2007.

Net income of the BVI-based UTI Worldwide, Inc. for the quarter has also increased as compared to previous quarters of the year. Net income for the quarter was almost USD 35 million, while it was only USD 24 million in the 1st quarter.

BVI GAM GAMCO Equity Fund rated “AAA” by S&P

On December 19, GAMCO Investors Inc. announced that the BVI domiciled GAM GAMCO Equity Fund was awarded Standard & Poor’s AAA Rating for the 4th consecutive year.

Managed by value investor Mario Gabelli for more than 20 years, GAM GAMCO Equity Fund is 1 of 4 funds with S&P’s AAA rating in S&P’s US Mainstream Sector peer group. The British Virgin Islands domiciled Fund is an open-end investment company sub-advised by GAMCO Asset Management Inc. for Global Asset Management since 1987.

It shoulb be noted here that the S&P’s AAA rating is a widely acknowledged mark of excellence. To be awarded AAA, the fund must demonstrate the highest standards of quality in the sector that are based on its investment process and management’s consistency of performance.

Chairman of GAMCO Investors Mario Gabelli, said that the investment team is honored to get such a high rating.

BVI-controlled corporation purchases 10% of Berjaya Corp’s subsidiary for RM100 million

Cosway Corporation Bhd is selling a 10% stake in its wholly owned subsidiary Cosway (M) Sdn Bhd to US-based Madison County LLC, for the amount of RM100 mln cash or about RM6.45 per share. Madison was established on November 29 this year, and its principal activity is investment holding. Its main shareholder is Penta Strategic Partners SPC, incorporated in the British Virgin Islands.

The 10% purchased stake represents 15.50 mln shares of RM1 each, according to Cosway Corporation, which is a 98.93% subsidiary of Berjaya Corporation Bhd. It was said in an announcement to press that the RM100 million took into consideration the net assets, the past earnings record and the future earnings potential of Cosway (M) group.

According to Berjaya Corporation chairman and chief executive officer Tan Sri Vincent Tan, Madison’s investment was a vote of confidence in the future earnings and growth prospects of the Cosway (M) group.

Cosway (M), which was established in 1980, is involved in the direct sale of household, personal care, healthcare and other consumer products. The company has expanded its network to Australia, Brunei, Hong Kong, India, Macau, Singapore, Taiwan and Thailand. The net asset of the company, based on its audited accounts as at April 30, 2007 was RM124 million. The sale consideration of approximately RM6.45 per Cosway (M) share represents an attractive premium of 706%, that is RM5.65 per Cosway (M) shares over its net assets per share.