Archive for September, 2010

BVI-based Emerging Metals Limited published audited annual financial results

Thursday, September 23rd, 2010

Emerging Metals Limited, a British Virgin Islands-registered company focused on minor and emerging metals, announced its audited financial results for the year ended 31 March 2010. By words of BVI company’s chairman, the results of the second year of operations are extremely pleasing for the company.

In the year period ended 31 March 2010, equity shareholder funds were £35,867,184, this is 34% increase compared to £26,652,271 for the year ended 31 March 2009. Company’s cash reserves increased by 370%, from £3,757,960 in the previous year to £17,676,956 this year.

In 2010, Emerging Metals reported net profit of £8,408,770 (£10,005,933 in 2009). This figure includes an investment gain of £14,427,398, as compared to £10,259,493 in the prior year; an exchange loss of £61,521, as compared to £798,146 profit in 2009; impairment losses on the write off of the Tsumeb land option; and related capitalized intangible fixed asset costs of £5,319,860 (£nil in 2009). The calculation of earnings per share (basic) of the company is based on the net profit figure and the weighted average number of shares of 330,759,300 in issue during the year. The calculation of diluted earnings per share of the BVI company includes the weighted average number of share options and shares to be issued in respect of share based payments.

Following the implementation of operating efficiencies, operating expenses of Emerging Metals Limited are below budget at £396,888. Investments are £18,238,155, as compared to £22,947,634 in 2009. As of 31 March 2010, net asset value is 10.41 pence.

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Pansoft Company Limited reports unaudited results for the fiscal year

Friday, September 17th, 2010

Pansoft Company Limited, a British Virgin Islands-registered company providing ERP software solutions and customized services for the oil and gas industry in China, announced its unaudited financial results for the fiscal year ended June 30, 2010. BVI company’s revenues for the reported period were US$12.1 million, as compared to US$8.5 million in the same period of the previous year. The revenue increase is attributed primarily to higher sales from large-scale software system integration projects.

For the twelve months ended June 30, 2010, cost of sales was US$6.3 million, an increase of 54.3% from US$4.1 million in the same period ended June 30, 2009. Costs increased due to an increase in employee compensation and several new hires during this period.

Pansoft reported gross profit of US$5.8 million, which is 29.7% more than US$1.7 million in the twelve months ended June 30, 2009. Gross margin was 48.1%, compared to 52.1% in the prior twelve-month period.

Operating expenses were US$2.2 million, as compared to US$1.7 million in the twelve month period ended June 30, 2009. Operating profit was US$3.6 million, an increase of 33.3% from US$2.7 million in the twelve-month period of 2009. Operating margin was 30.1%, compared to last year’s 32.2%.

In the twelve-month period of 2010, the BVI company reported net income in the amount of US$3.2 million, as compared to $2.5 million in the corresponding period in 2009. Diluted earnings per share were US$0.59 – an increase from US$0.47 in 2009. Adjusted diluted EPS were US$0.67, excluding share-based compensation expenses – a 19.3% increase from US$0.57 in the twelve months ended June 30, 2009.

Pansoft’s officials commented that the BVI company reported strong financial and operational results in fiscal 2010, and the strong revenue growth even exceeded the guidance. The company achieved strong growth in both net income and EPS.

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BVI-based logistics company showed good results in the period ended July 31, 2010

Friday, September 10th, 2010

The  British Virgin Islands-registered logistics corporation UTi Worldwide Inc. announced financial results for the second quarter of the fiscal year 2011, ended July 31, 2010. In the reported period , BVI company’s revenues were US$1,151.1 million, this is 37 percent increase if compared to US$840.5 million in the same period of the last year. Net revenues were US$379.1 million, a 12 percent increase from US$339.4 million in the second quarter of fiscal year 2010.

UTi Worldwide’s operating income was US$33.9 million, this is 51 percent increase from US$22.4 million. Net income attributable to UTi Worldwide Inc. was US$18.9 million, or US$0.19 per diluted share, compared to US$11.8 million, or US$0.12 per diluted share in the second quarter of 2010.

BVI company’s revenues increased 37 percent in the reported period, compared to the second quarter of 2010. Operating expenses in the second quarter of fiscal 2011, excluding purchased transportation costs, were US$345.2 million, this is 9 percent increase compared to the same period last year. The increased expenses are primarily associated with revenue growth. In the fiscal 2011 second quarter, UTi Worldwide reported operating income of US$33.9 million, which represented 8.9 percent of net revenues, compared to the operating income in the second quarter  of the prior year in the amount of US$22.4 million, or 6.6 percent of net revenues.

The good quarterly results for the BVI company are helped by higher volumes as the freight and trucking industry recovers from a severe downturn.

UTi Worldwide’s CEO Eric W. Kirchner said in his comments to company’s financial report: “We continue to be encouraged by improvements in our contract logistics and distribution business, which reported solid revenue growth and higher operating margins. Client volumes improved in the quarter, particularly in retail and consumer markets, and we continue to manage our operations more efficiently. Our transformation initiatives remain on schedule and we are making good progress in all areas.”

Posted in BVI company interim financial results, Unaudited financial results | No Comments »

Adex Mining signed subscription agreement with BVI-registered Great Harvest

Friday, September 3rd, 2010

Adex Mining Inc. announced that it has signed a subscription agreement with Great Harvest Canadian Investment Company Limited, an investment holding company registered in the British Virgin Islands and based in Hong Kong. The agreement is for funding the development of Adex’s wholly-owned  Mount Pleasant Mine Property located in Canada.

The Agreement between the companies provides for a private placement to Great Harvest of 40,000,000 units at a price of US$0.12 per unit, each unit consisting of one common share of Adex and one common share purchase warrant.

According to the agreement, in addition to the private placement the BVI company is required to provide or arrange for the provision of Adex Mining loan facilities in an aggregate amount of up to US$50,000,000 to be used for the commercial development of the Property. If an aggregate minimum of US$10 million of the Facilities are made available to be drawn down by the Company within 180 days of the delivery to Great Harvest of the report of the results of the Feasibility Study, Great Harvest will have the right to purchase 1.2 Common Shares for each dollar of the facilities made available to be drawn down by the Company within one year of the completion of the Feasibility Study, on or before May 31, 2011. The maximum number of common shares issuable pursuant to the share purchase right is 60,000,000.

The transactions under this agreement are subject to TSXV approval and the approval of the shareholders of the company, at a Special Meeting of Shareholders scheduled for October 14, 2010. The Private Placement is expected to close by the end of October.

Posted in BVI company contracts, Financing | No Comments »