Monthly Archives: November 2008

A-Power announced financial results for the three and nine month periods ended September 30, 2008

In the end of November, the BVI-registered company A-Power Energy Generation Systems, Ltd. announced unaudited financial results for the three and nine months ended September 30, 2008, which showed record statistics by many indices.

For the three months ended September 30, 2008, A-Power reported revenues that increased to $85.4 mln – up 120% from $38.9 mln for the same period of the prior year. Net income for the three months ended September 30, 2008 was $9.4 mln, that is 124% increase compared to $4.2 mln for the same period of the prior year. Earnings per share for Q3 2008 made approximately $0.28, while comprehensive income for the three months ended September 30, 2008 increased to $11.3 mln, if compared to $4.6 mln for the same period of 2007. Cost of revenues for this period amounted to $74.8 mln, an increase of $41.5 mln from the same three months period of the prior year.

For the first nine months of 2008, BVI company reported revenue in the amount of $183.4 mln, that is up 66% from the same period of the prior year. Net income for this period increased to $18.5 mln, up 56% from the first nine months period of 2007. Comprehensive income for the first nine months of 2008 increased to $22.3 mln, that is 81% increase from the same period of 2007.

By September 30, 2008 cash position of the BVI company was $59.7 mln, compared to $35.8 mln as of December 31, 2007. Working capital as of September 30, 2008 was $95.8 mln compared to $38.0 mln by the end of 2007.

Mr. Jinxiang Lu, A-Power’s Chairman and CEO, in his comments reaffirmed company’s earnings guidance of over $35 mln for 2008. He also named the main highlights of the BVI company in the third three months of 2008, including a new distributed generation contract in China’s Jilin province worth approximately $195 mln, and signing a binding MOU with National Power Supply Company for a $300 mln contract to develop a 600 MW distributed power system in one of Thailand’s provinces, which would be probably the largest distributed power generation contract up to date. Mr. Jinxiang Lu also mentioned the progress that was made by the BVI company in the wind turbine business – by completing construction of the largest single wind turbine production facility in Shenyang, China, and the development of other projects.

The launch of the BVI-registered fund

World Property and Commodity Fund, established in the British Virgin Islands, carrried out the launch which was formally announced on 4 July 2008, and which will allow individual investors to access the potential of real estate boom in emerging markets of Asia and Middle East. The fund will balance its investments in both property and commodity sectors of real estate markets.

The Managing Director of the BVI fund will be Terence Cheshire who had been successfully investing in property in the emerging markets for a number of years, together with his partners. Now, when the fund is formed, greater number of investors will be able to participate in the real estate development. The World Property and Commodity Fund will allow individual investors to participate in amounts as small as $10,000 through the series of feeder funds that are investing solely in the parent fund. It will give the opportunity for individual investors to invest in the early rounds of big property projects, while the early rounds are most profitable in the emerging markets.

Talon Metals (BVI) announces financial results for the period ended September 30, 2008

British Virgin Islands-registered mineral exploration company Talon Metals Corp. reported financial results for the period ended September 30, 2008. For the third quarter 2008 the company reported net loss in the amount of $4,185,194 or $0.16 per share (basic and diluted), while by the results for the second quarter 2008 its net earnings were US$1,023,538, or US$0.04 per share. The third quarter net loss also compares to earnings of $8,171 or $0.00 per share for the same period of 2007, and earnings in the amount of $8,476,072 or $0.31 per share for the first nine months of 2007.

Capitalized exploration for the three and nine month periods ended September 30, 2008, was $343,399 and $1,279,240 respectively, relating mainly to the Agua Branca and Sao Jorge projects. These amounts compare to  $307,415 and $1,364,137 respectively for the same periods of 2007.

By the end of the period ended September 30, $3 million loan of Talon Metals to another BVI corporation, Saber Energy Corp., was advanced to $6 million. Talon’s due diligence review of Saber is in progress, and both companies are planning to negotiate a pre-merger agreement on or before March 24 of the next year.

Yucheng Technologies published unaudited financial results for the second quarter 2008

BVI-registered Yucheng Technologies Limited announced the unaudited financial results for the three-month period ended June 30, 2008.

In the financial report for the second quarter 2008, the company has presented the profit and loss accounts separately for the established core business that included IT Solutions and Services and System Integration, and its future POS business.

According to the highlights for the period ended June 30, 2008, core business revenue was US$24.6 mln – a 136% increase if compared to the second quarter of the previous year. IT Solutions and Services revenue was US$9.2 mln, which is 97% increase; IT Solutions and Services business continued to realize gross margins in excess of 60%.

Yucheng’s total second quarter revenues were USD 25.0 mln, an increase of 140%. Gross margin for BVI company’s consolidated business was 31.8% in the second quarter, compared to 35.7% for the same period 2007. Company’s cash increased to US$26.0 mln by the end of the second quarter, from US$14.5 mln at the end of the first quarter of 2008. Management raised the revenue guidance for the fiscal year 2008 to USD 88 mln, and maintained the original Non-GAAP net income guidance for the fiscal year 2008 of USD 14.7 mln to USD 15.2 mln.

Yucheng’s net revenue was USD 0.4 mln in the second quarter, compared to USD 0.3 mln in the first quarter of the year. Average gross revenue per terminal of company’s entire merchant base was USD 12.0 per month both in the first and second quarters. Operating expenses were USD 0.76 million, a slight increase from USD 0.71 million in the first quarter of 2008.