Monthly Archives: May 2009

China Gengsheng Minerals reports financial results for the First Quarter 2009

China Gengsheng Minerals, Inc., a materials technology company making its business through its BVI-registered subsidiary Gengsheng International Corporation, announced its unaudited financial results for the first quarter ended March 31, 2009.

For the first quarter of the year, the company reported sales in the amount of $12.4 million, compared with $9.6 million in the same period of 2008. Gross profit was $3.8 million, compared with $3.6 million in the same period of 2008. Gross margin made 30.3%, compared with 37.0% in the first quarter of 2008, and 22.3% in the fourth quarter of 2008.

Selling expenses in the first quarter of 2009 were $1.5 million ($1.4 million in the same period of 2008), showing higher sales level. General and administrative expenses were $2.6 million ($2.1 million in the same period of 2008). The company reported net income of $954,000, or diluted earnings per share in the amount of $0.04, compared with $1.2 million, or diluted earnings per share of $0.05 in the first quarter of 2008.

By March 31, 2009, China Gengsheng Minerals had total cash and cash equivalents of $3.8 million, compared with $955,732 at the end of the year 2008. Total shareholders’ equity increased from $43.3 million at December 31, 2008 to $44.2 million at March 31, 2009. Also, by this date the amount of total shares outstanding on a fully diluted basis was 24.2 million.

Among other achievements, the company named a $5.5 million supply contract with PetroChina’s Changqing Oilfield, signed on May 15, 2009. Also, in May 2009 the wholly owned subsidiary of the company, Henan Gengsheng Refractories Co., Ltd., has been designated the National High & New Tech Enterprise (HNTE), meaning it will receive easier business terms from Chinese government. On April 29, the company announced it has signed a full-service contract with Zibo Zhang Steel Co., Ltd. in Shandong Province, and the value of this contract is estimated to be approximately $2.9 million per year.

BVI-controlled whisky producing company reports double profits

Inver House Distillers, the UK-based whisky producer, owned since 2001 by Pacific Spirits (UK), which is part of the British Virgin Islands-based Great Oriole Group and controlled by Thai businessman, announced the double pre-tax profits for 2008 calendar year – £7.5m compared with £3.8m in 2007.

The BVI-controlled Inver House Distillers commented the financial results saying that they “show pre-tax profit increasing by 96% in what has been another excellent year for the business”. At the same time, company’s turnover dropped to £51.5m last year, compared with £57.8m last time – on which the company blamed its “reduction in bulk trading”.

Last year, the company announced a £15m investment plan worked out by its BVI-owned parent company with the purpose to centralise its global marketing operations in Scotland. By words of Graham Stevenson, managing director of Inver House, their task is to sustain this success in “what will be a less favourable market in 2009”.

BVI holding Chaarat Gold places 18.6 mln new Ordinary Shares

Chaarat Gold Holdings Ltd, the BVI-registered holding, announced that it has placed 18,558,281 new Ordinary Shares at 12% per share, representing approximately 20.5% of the issued ordinary share capital immediately after the placing, to raise approximately £2.1million net of expenses for the company.

The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately  £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.

The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.

Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.

Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.

BVI-based Walcom Group holding company reports financial results for year 2008

In the end of April 2009 Walcom Group Ltd., the British Virgin Islands-based company, manufacturing, distributing and selling animals chemical feed and additive products, announced the final results for the year ended December 31 2008. According to the results published, turnover and gross profit results in the year 2008 improved considerably compared to the year 2007. However, the gross profit margin has fallen to 56.5 per cent, from 64.8 per cent in 2007 – due to the effect of escalating raw material and production costs.

For the year ended December 31 2008, the company reported turnover in the amount of HK$26,027’000, gross profit HK$14,707,269. Other summarized results for the period included net finance income of HK$2,475, total assets of HK$24,490,407, share capital of HK$688,344. Total equity amount was 18,768,464.

Walcom Group reported that it has relocated its main Hong Kong office to Shanghai, in order to be closer to its operational base and key market, and this move is to cut administration costs and improve company’s efficiency, in view of the global financial crisis and economic climate connected to it. It was also informed about the Annual General Meeting of the company which will be held in Hong Kong, in the office of company’s solicitors, on 29 May 2009.