Monthly Archives: March 2011

Pansoft Company Ltd reported unaudited results for Q2 2011

Pansoft Company Limited, BVI-registered provider of software solutions for oil and gas industry in China, announced unaudited financial results for the second quarter of the year ended December 31, 2010. According to the information published by the BVI company, its revenues for the second quarter of 2011 were US$7.2 million, this is an increase of 47.0% compared to US$4.9 million for the three months ended December 31, 2010. Gross profit of the company was US$3.1 million, this is 19.1% increase compared to US$2.6 million in the same period of the last year. Gross margin was 42.9%, compared to 53% in the same period last year.

Operating profit was US$1.6 million, compared to US$2.1 million in 2010. Net income was US$1.4 million (US$1.9 million in the last year). Diluted earnings per share were US$0.25, compared to US$0.36 in the prior year period.

For the six months period ended December 31, 2010, BVI company’s revenues were US$10.7 million, this is 50.7% increase compared to the same period last year. The increase was due to the contribution from newly acquired businesses. Cost of sales was US$5.9 million, an increase of 77.2% from US$3.3 million in the six months ended December 31, 2009.

In the six months period gross profit was US$4.8 million, an increase of 27.3% from US$3.8 million in the six months ended December 31, 2009. Gross margin was 44.9% (53.1% in 2009). Operating expenses were US$2.1 million (US$1.0 million in the six months ended December 31, 2009). Operating profit was $2.7 million ($2.8 million in the six months ended December 31, 2009). Operating margin was 25.2% compared to 38.9% in the six months ended December 31, 2009.

Net income was US$2.4 million (US$2.6 million in the corresponding period in 2009) – lower than the prior period for some reasons. Diluted earnings per share were $0.45, compared to $0.48 in the corresponding period in 2009.

China Techfaith reported fourth quarter financial results

China TechFaith Wireless Communication Technology Ltd., mobile handset-maker registered in the British Virgin Islands focused on the research, development and design of mobile hand software, reported its financial results for the fourth quarter of the year. According to the information reported by the company, its shares rose more than 10 per cent and reached a near three-year high of US$4.75. In the fourth quarter, net income increased to US$8.9 million, or 17 cents per share, while revenue raised significantly 29 percent to US$76.9 million.

The BVI company said it was seeing growth in diverse markets for its Android-based smartphones, and expected the increase of its gaming business share. It expects to launch a software package that converts existing games into motion games, new motion gaming controlers, a gaming console box and a satellite television box in 2011.

Techfaith expects first-quarter revenue to increase 1.4%-5.3% to US$78-$81 million.

BVI-registered CIC Energy reported financial results for year ended November 30, 2010

British Virgin Islands-incorporated company CIC Energy Corp., focused on operations in South Africa, announced the results for the fiscal year ended November 30, 2010. For the year ended November 30, 2010, the company reported net loss of US$11,179,777 or US$0.21 per share (basic and diluted), as compared to a loss of US$5,655,181 pr US$0.11 per share (basic and diluted) for the previous year. The higher year-over-year net loss was primarily because of reduced interest received on lower cash balances. This year, there was also negative foreign exchange impact due to the strengthening of the South African and Botswana currencies, while in 2009 there was positive foreign exchange impact.

Another factor that influenced the higher net loss of the BVI company in the year period ended November 30, 2010, is an increase in corporate expenses including staff severance costs that occurred at the beginning of the reported year.

Capitalized project costs amounted to US$175,185,200, as compared to capitalized project costs for the year ended November 30, 2010 totaling US$8,360,605.