Playtech Limited BVI, engaged in the design, development and licensing of software for online gaming industry, announced its audited financial results for the year ended 31 December 2008. The company reported total revenues of €111.5 million – up 70 per cent from €65.7 million in 2007. Casino revenues and poker revenues also increased this year, and made €79.4 million and €30.1 million respectively, compared to €47.4 million and €17.4 million in the previous year.
Adjusted net profit of Playtech made €78.6 million, which is a 79 per cent increase from €43.9 million in 2007, resulting in an adjusted net profit margin of 70 per cent (67 per cent in 2007). Net profit was €40.7million (€26.3 million in 2007) – 55 per cent increase resulting in a net profit margin of 37 per cent.
The company reported 74 per cent increase of earnings before interest tax and amortization expenses, which made €73.0 million in 2008 (€42.0 million in 2007). Cash and cash equivalents in the reported year were €31.6 million, while in 2007 they were €54.8 million. Basic earnings per share made 34.5 cents (20.4 cents in 2007). Cash generated from operating activities made €68.7 million, compared to €39.7 million in the previous year.
Among the operational highlights of the BVI corporation, reported for the year 2008, there are completion of the series of transactions announced in October 2008; signing 15 new license agreements with high quality operators; raising €141 million before expenses by placing of 21,620,946 new Ordinary Shares at a price of 520p per share; changing currency to Euros, – due to this fact the majority of company’s revenues and expenses are now settled in Euros.
Orca Exploration Group Inc., BVI-registered international public company focused on exploration and development of natural gas fields, announced its financial results for the three months period ended 31 March 2009. Among the reported financial and operating highlights of the BVI company there is the 16% fall of revenue – from US$5,284 mln in the first quarter of 2008 to US$4,443 mln in the same period this year. Despite this decrease, profit before tax increased by 19% and made US$0.32 mln – compared to US$0.27 mln in Q1 2008.
Funds from operations before working capital changes made US$1.5 mln in the first quarter of 2009 – compared to US$2.4 mln in Q1 2008. This decrease of funds flow may be explained by lower gas sales to the power sector and a decrease in the price of gas to industrial customers. The company expects the increase will follow during the year, due to higher industrial consumption of gas, and gas fired power generation increases. Orca has reported further cut of General and Administrative (“G&A”) costs, which in Q1 2009 already resulted in the reduction of G&A expenses.
The company reported that during the first quarter of 2009 it added 4 new industrial customers, which brings the total number of industrial customers connected to 24, and a total of 31 customers contracted.
BVI company’s current amount of cash makes approximately US$9.7 mln, and working capital makes US$9.2 mln.
The Bermuda-based Digicel Group, which provides mobile phone services in 24 markets in the Caribbean region, and which has officially started operations in BVI in November 2008, reported $41 mln net profit for the year period ended 31 March 2009 – after a loss of $74 mln in the year 2008. The earnings of Digicel before tax made $680 mln – a 34 per cent rise from the last year. The group’s revenues rose by 11 per cent and made $1.73 billion, while the base of its subscribers has grown 9 per cent during the year, and made 7.1 mln.
According to Digicel representatives, the number of subscribers increased due to its opening in the British Virgin Islands, and to the successful launches in El Salvador, Trinidad Tobago and Suriname.
Digicel Group’s CEO Colm Delves said that its profit performance was achieved due to the strong sales growth and keeping an eye on its cost base. He also said that customer acquisition costs had declined from 16 per cent of its revenues to 11 per cent.
After the end of Digicel’s financial year, the group raised $350 mln through a bond issue, which provided funds to acquire a 38 per cent stake in its sister company Digicel Holdings (Central America) Limited (DHCAL), which owns mobile phone operations in Panama and Honduras launched in November-December 2008. Digicel invested more than $800 million in launching mobile services in Honduras and Panama.
Global-Tech Advanced Innovations, BVI-registered holding company operating through its subsidiaries and engaged in manufacturing and marketing of consumer electrical products, has announced its financial results for the fiscal quarter ended December 31, 2008 – meaning company’s third quarter of fiscal year 2009.
For this period, the BVI company reported net sales in the amount of $15.3 mln – compared to $26.2 mln for the same quarter in fiscal 2008. Net loss was $1.8 mln, or 0.57 per share, compared to net income of $0.3 million, or $0.08 per share, for the prior corresponding fiscal period.
For the nine months ended December 31, 2008, the company reported net sales in the amount of $70.7 million – compared to $78.4 million in the corresponding nine-month period in fiscal year 2008. Net sales for the first nine months of fiscal 2009 included sales of approximately $27.5 million of CMOS (complementary metal oxide semiconductor) camera modules (CCMs) – compared to a net loss of $3.2 million, or $1.04 per share, for the first nine months of fiscal year 2008.
A non-recurring gain in the amount of $1.8 million, related to pending litigation, was included in net loss for the first nine months of fiscal 2009; net loss for the first nine months of financial year 2008 included a non-recurring loss of $2.8 million, which was also related to pending litigation.