BVI Company Financial News

Tongxin International Ltd, China-based manufacturer of engineered vehicle body structures and stamped parts for the commercial automotive industry, published a preliminary summary of its expected financial results for the year ended December 31, 2010. For the reported period, the BVI company expects total revenues in the amount of US$106.5 million, a 12.1% decrease as compared to the total revenues for the year ended December 31, 2009.

Tongxin International expects total shareholders’ equity to be approximately US$92.1 million, compared to US$83.8 million for the previous reported year. At the end of reported period, cash, cash equivalents, and restricted cash (security deposit) totaled approximately US$10.8 million. Total current assets were approximately US$64.2 million compared to US$67.5 million at December 31, 2009. Total current liabilities were appeoximately US$71.4 million (US$79.7 million in the previous year).

These results are preliminary, and may change significantly following the completion and analysis of financial statements of the BVI company for 2010.

The British Virgin Islands-incorporated company Sable Mining Africa Limited, focused on mining assets in sub-Saharan Africa, primarily coal and iron ore, announced its financial results for the year ended 31 March 2011.

For the year ended 31 March 2011, the BVI company reported a pre-tax loss on continuing activities of US$11.5 million, compared to US$3.9 million in 2010. As at 31 March 2011 cash balances of the company were US$108.9 million (US$30.3 million in 2010). Sable Mining Africa Ltd has a strong cash treasury, remaining in an attractive position with a substantial asset base. Total assets of the company by the end of the reported period were US$181,9 million.

According to consolidated income statement, net finance income of the BVI company was US$1,3 million. Also, in the year ended 31 March 2011, weighted average number of ordinary shares for the purposes of basic loss per share was 898,992,346; average number of ordinary shares for diluted loss per share was 906,669,373.

These are some highlights of BVI company’s overview: significant progress made building an extensive coal and iron ore portfolio across Southern, Central and Western Africa. The company commenced comprehensive exploration and drilling programmes to prove up resources – current attributable coal resource is 2.3 billion tonnes, and potential remains to raise this to 4 billion tonnes.

By words of Sable Mining CEO Andrew Groves, “Sable Mining has rapidly built a high quality multi-project portfolio spanning Zimbabwe, South Africa, Liberia, Sierra Leone and Guinea, with a focus on bulk commodities, primarily coal and iron ore… Our portfolio of thermal and metallurgical coal interests, located in areas with strong established infrastructure networks, has a current attributable coal resource in excess of 2.3 billion tonnes and we believe we have the potential to raise this to 4 billion tonnes. In tandem with this, we have assembled multiple highly prospective iron ore assets in recognised world class mineral regions of West Africa. We are positioned for growth and believe that we are at a tipping point in recognition of the inherent value of our portfolio which we believe will reflect positively in our valuation over the coming year.”