Monthly Archives: April 2008

Chinese-BVI jewelry designer presents preliminary financial results for the first quarter 2008

Fuqi International, Inc., a Chinese designer of precious metal jewelry, operating through its wholly owned BVI-registered subsidiary Fuqi International Holdings Co., Ltd. (Fuqi BVI), and China-based wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd. (Fuqi China), has announced its preliminary first quarter 2008 financial results. After initial review of operating results of the Fuqi International, its management reported that they are much better than those provided at the time when the Chinese company reported its financial results of Q4 and fiscal year 2007.

Now the company expects Q1 2008 revenue in the amount of US$76-$77 million, net income of $5.7-$5.8 million, and earnings per share diluted – about $0.27-$0.28. The preliminary financial results for the period include an expected contribution of approximately $1.0-$1.1 million from two jewelry retail counters of the BVI company. The new guidance replaces Chinese company management’s previous forecast of wholesale revenue of approximately US$62 million, net income between $4.0 and $4.4 million, and diluted EPS of $0.19-$0.21. Q1 2008 gross margin is expected to be approximately 11%, net margin – about 7.5%.

Fuqi International, which expects to report final financial results for Q1 2008 during the first half of May 2008, has also given raised financial forecast for the fiscal year 2008. The company expects total wholesale revenue of approximately US$290-$300 million, net income of $18.9-$19.5 million, and diluted EPS of $0.85-$0.90. In 2008, the company expects to continue to sustain long term wholesale gross margins in the 10.5% range, in line with its historical average.

Fuqi International, Inc., based in Shenzhen, is  focused on developing, promoting and selling wide range of products made of precious metals and stones in the Chinese luxury goods market. The design database of the company operating through its BVI- and China-based subsidiaries includes more than 28,000 products, making it the leading designer of high quality precious metal jewelry in China.

UTi Worldwide Announces Q4 2008 Financial Results

On March 28, 2008, the supply chain services, logistics and freight forwarding company UTi Worldwide, which is registered in the BVI, reported its fiscal results for the fourth quarter of the year 2008; the reported net income for this period was $18 million, or $0.18 per share, compared to $22.5 million, or $0.22 per share for the same period in 2007.

The gross revenues increased 24%, from $951.3 million in the Q4 2007 to $1.18 billion for the fourth quarter of 2008. Net revenues of the BVI corporation, in their turn, increased 22% – to  $402.8 million from $330.8 million in the fourth quarter of 2007.

Operating income of UTi Worldwide for Q4 2008 was $27.6 million, – 6,8% of net revenues. The adjusted operating income in the Q4 2008 was $36 million – that was  8.9% of net revenues.

Gross revenues increased 22%, from $3.6 billion in fiscal year 2007 to $4.4 billion for the fiscal year 2008. The net revenues increased 22%, from $1.2 billion to $1.5 billion, and net income was $98.7 million, or $0.99 per share, – compared to $103.5 million, or $1.04 per share in the previous fiscal year.

Roger MacFarlane, CEO of the BVI-registered corporation, commented that the year was finished  with more than $4 billion in gross revenues, for the first time in the company’s history, as the company has continued to add new clients and expand existing client relationships.

Talon Metals Corp. Announces fiscal results for the year ended December 31, 2007

BVI registered Talon Metals Corporation (formerly BrazMin Corp.) in the end of March reported consolidated financial results for the year ended December 31, 2007. The company announced net income in the amount of $6,753,593 or $0.25 per share. This was achieved primarily due to gains on mineral properties and investments, the largest gain being a result of the sale of the Tocantinzinho Gold Project in the first quarter of 2007.

For the three month period ended December 31, 2007, Talon Metals reported a net loss of $1,722,479 or $0.06 per share, – compared to net loss in 2006, in the amount of $793,500 or $0.03 per share. Capitalized exploration for the year 2007amounted to $2,091,976 (total amount today is $8,797,395), mainly because of work performed on the Agua Branca Gold Project in Para State, Brazil.