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.