China Cablecom Holdings, Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009. The issued release reflects both pro forma and actual financial results due to the completion of China Cablecom’s acquisition of 55% stake in Hubei Chutian Video & Information Network in the third quarter of 2008. The financial results of Hubei have been consolidated beginning with July 1, 2008. Along with this, the fourth quarter 2009 results of operations reflect the business combination with Jaguar Acquisition Corporation.
For the fourth quarter of 2009, consolidated revenues of the company were $13.2 mln compared to $9.8 mln revenue for the fourth quarter of 2008 – a 35% year-over-year increase. Consolidated operating expenses for the fourth quarter period were $7.2 mln, compared to operating expenses of $5.7 mln for the same period of 2008. The main reasons for the increase of operating expenses were debt restructuring and fundraising, which was completed in Q4 2009.
The net loss attributable to ordinary shareholders for the fourth quarter of 2009 was $43.4 mln, or $11.14 per share (basic and diluted) compared to a net comprehensive loss of $4.6 mln, or $1.43 per share (basic and diluted) in Q4 2008.
For the full year ended December 31, 2009, China Cablecom reported consolidated revenues in the amount of $45.6 mln. Pro forma operating expenses for the twelve months ended December 31, 2009 were $22.6 million. Net loss for the twelve months ended December 31, 2009 was $56.3 mln, or $16.56 per share (basic and diluted). For the reported period, the BVI company used weighted average shares outstanding of 3.4 mln.
The British Virgin Islands-registered Laureate Trust, engaged in hedge fund management, showed good results for March 2010, having outperformed the hedge index for a third consecutive month. During March, BVI company’s returns jumped 3.2%.
With year-to-date returns of 5.84%, Laureate Trust is ranked in the upper 10 per cent of the top performing hedge funds worldwide. In 2008, Laureate Trust returned 42 per cent due to its market neutral strategy, and in 2009 it returned 33 per cent.
In February 2010, the BVI trust which only accepts €1 million minimum investment into its funds, launched a retail fund with a €2,500 minimum investment. Trust’s CEO Peter Tasca said in his comments: “We’ve had huge demand for our retail fund. We’ve spoken to investors that have lost anywhere from €30,000 to €30,000,000 over the last two years and want a fund that can profit in any market environment.”
China Gengsheng Minerals, Inc., a materials technology company, conducting its business through the BVI-registered subsidiary Gengsheng International Corporation and the Chinese subsidiaries, announced results for the fourth quarter and fiscal year ended December 31, 2009. For the fourth quarter period, the company reported sales revenue growth of 18% compared to the same period of 2008 – that is approximately $15.3 million. Company’s gross profit made $3.9 milliion – a 33.8% increase year-over-year. In the fourth quarter of 2009, China Gengsheng reported net income of approximately $1.0 million, that is $0.04 per share (basic or diluted), – compared with $643,000 net loss (or $0.03 per basic and dfiluted share) for the same period of the prior year.
According to the year end 2009 results reported by China Gengsheng, company’s sale revenues made approximately $57.0 million, compared with $49.8 million in 2008. Cost of sales in the fiscal year 2009 was $40.7 million – a 20.5% increase from approximately $33.8 million in 2008. Gross profit in 2009 was approximately $16.2 million, an increase of 1.6% from the last year. Net income made approximately $5.6 million in the fiscal year 2009, compared with $4.1 million in 2008.
As of December 31, 2009, company’s cash made about $1.0 million, working capital was approximately $24.6 million, and no long-term debt was reported. Total shareholders’ equity was 48.9 million, compared to $43.3 million at December 31, 2008. Total shares outstanding (both basic and diluted) were 24,038,183.
The company is optimistic about year 2010, and, based on its current sales estimate, is expecting growth to continue.
Talon Metals Corp. published financial report for the year ended December 31, 2009. For this period, the BVI company reported net loss of $1,841,962 or $0.07 per share – basic and diluted. In 2008, net loss made $6,833,161 or $0.25 per share. This year, net loss was primarily due to operating expenses, partially covered by gains on investments totaling approximately $1.4 million.
For the three month period ended December 31, 2009 Talon reported net loss of $510,769 or $0.02 per share – compared to net loss of $6,833,161 or $0.25 per share (basic and diluted) in 2008. In the fourth quarter of 2009, net loss was mainly due to operating expenses.
Capitalized exploration of the BVI company in 2009 was $1,272,277, total amount is $9,417,920. This relates mainly to the acquisition of the Sergipe Potash Project in Brazil.