Monthly Archives: April 2009

BVI-registered Origin Agritech announces financial results for the year 2008

The British Virgin Islands-registered Origin Agritech Limited announced financial results for the twelve months period ended September 30, 2008. This year was reported as a recovery year for the company remarkable with significant improvements in earnings and revenues. The BVI company announced its accomplishments of the year 2008, including the repurchase of the remaining outstanding convertible notes – US$4.7 million in principal at 107 and US $16.6 million in principal at 104, and introduction of a range of executives.

For the year ended September 30, 2008 the BVI company reported revenues of US $75.63 million, a 4.93% increase from US $65.31 million in the fiscal year 2007. So, the year over year revenues increase was 15.8%. The cost of revenue for the year 2008 was US $59.62 million – a decrease of 12.54% from US $61.67 million.

The gross profit of the year ended September 30, 2008 increased to US$15.94 million from US $3.54 million in 2007. Excluding the US $3.89 million loss, the gross profit for the period were US $22.591 million – representing a 6.42% increase from US $19.24 million from the year period ended September 30, 2007. So, the year over year increase in gross profit was 17.4%.

Company’s net loss was US$6.37 million in the year ended September 30, 2008, as compared to the net income of US $21.78 million of the BVI company for the twelve months ended September 30, 2007.

During the past year, the Chinese central government has sponsored a comprehensive US$6 billion plan for the implementation of genetically modified food products in the country.

By the end of the year period 2008 the company had approximately US $15.00 million in cash and cash  equivalents – compared to US$21.66 million reported by the end of September 30, 2007. Company’s cash and cash equivalents primarily consisted of cash and short term liquid investments with original maturities of three months or less, deposited with banks and other financial institutions.

CIC Energy Corp. reports 1Q 2009 Financial Results

CIC Energy Corp., BVI-registered company established in 2006 as a result of the consolidation of Coal Investment Corp. and Consolidated Ophir Ventures, has reported net income for the three month period ended February 28, 2009 of $156,643, or $0.01 per share – compared to the loss of $1,479,228 or $0.03 per share for the same period last year.

The reported net income for the first quarter of 2009 is attributable to the substantially higher foreign exchange gain in foreign exchange for current period.

Capital expenditure on exploration properties makes $136,580,166, capitalized exploration costs for the three month period totaling $9,622,376.

On February 27 CIC Energy (BVI) published financial results for the year ended November 30, 2008.

FUQI International reports financial results for the fourth quarter and full year 2008

FUQI International, Inc., the Chinese designer of precious metal jewelry, operating through the BVI-registered Fuqi International Holdings Co., Ltd., reported the financial results for the quarter and full year ended December 31, 2008.

Mr. Yu Kwai Chong, CEO and Chairman of Fuqi International, commented on company’s results saying that the fourth quarter of the year 2008 tends to be the strongest quarter of the season, due to the holidays of the season. He specially noted that the company maintained a strong balance sheet with $129.4 million in working capital and no long term debt. He also said that he believes the long-term outlook for the wholesale and retail jewelry market will remain positive.

The 4Q 2008 results reported by FUQI International, Inc. included revenues Increase 135% to $129.5 mln, from $55.1 mln in the fourth quarter of 2007; the increase is mainly due to increase in sales volumes and selling prices in the company’s wholesale business.

Gross profit margin increased 340 basis points to 14.0%, compared to 10.6% in the same period of 2007. Net income of the period increased to $9.7 mln, or $0.45 per diluted share. Gross profit in the fourth quarter of the year 2008 increased 212% to $18.1 mln, from $5.8 mln for the same period in the previous year. Operating expenses for the fourth quarter made 5.9 million – a 247% increase from $1.7 million in the prior year period. Income for the period increased 195% – from $4.1 mln to $12.1 mln, in the fourth quarter of 2007. Net income was $9.7 mln, compared to $7.4 million in the same period of the prior year.

For the twelve months period ended December 31, 2008, net sales increased 152% to $367.6 mln compared to $145.6 mln for the year 2007. Net sales from the wholesale business increased 147% from $144.3 mln in the prior year to $356.4 mln this year, while net sales from the retail business increased 8.2 times, from $1.2 mln in 2007 to this year’s $11.1 mln. Gross profit for 2008 increased 172% to $45.0 mln, compared to $16.5 mln in the prior year. Gross margin increased from 11.3% to 12.2%. Total operating expenses for 2008 made $11.6 million, or 3.2% of net sales, – compared to $4.0 mln, or 2.8% of net sales, in the prior year.

On December 31, 2008 Fuqi International had cash and cash equivalents of $56.6 mln, compared with $63.3 mln on December 31, 2007.

Vietnamese bank partly holded by BVI company reports net profit rise

The Ho Chi Minh City-based Eximbank, whose shareholders are Japan’s Sumitomo Mitsui Financial Group (SMFG) (15 per cent), British Virgin Islands-registered VOF Investment Ltd (5 per cent), and MAE, part of South Korea’s mutual fund Mirae Asset Group (4.5 per cent), announced its financial results for the year 2008.

The bank said that its net profit raised dramatically 53 per cent during the year, and made VND711 billion (US$40 million). Total assets rose 43 per cent, to VND48.25 trillion, after 15 per cent rise of loans to VND21.23 trillion (according to the audited financial statement of the lender.)

Gross profit of Eximbank in 2008 was VND969.23 billion, which is much lower than its annual target of VND1.3-1.5 trillion. The bank reported losses of  VND172 billion from trading and investing in securities, while in previous year there was a combined profit of VND57.3 billion.

Partially private Eximbank is the eighth largest bank in Vietnam.