Monthly Archives: August 2011

Talon Metals announced financial results for Q2 2011

British Virgin Islands-incorporated company Talon Metals Corp. announced financial results for the three month period ended June 30, 2011. The company reported net loss in the amount of US$5,917,928, or $0.07 per share, – as compared to net loss of US$5,079,819, or $0.08 per share, reported in the same period of 2010. Capitalized exploration for the quarter ended June 30, 2011, makes US$6,628,725, – as compared to US$697,833 and US$999,734 for the three month period of 2010. This year’s capitalized exploration relates mainly to work on the Trairão Project, while last year’s work related mainly to work done on the Sergipe Potash Project.

For six month period ended June 30, 2011 the BVI company reported net loss of US$9,076,908 or $0.11 per share, – as compared to net loss of US$5,344,832, or $0.11 per share for the first six months of last year.

Also, Talon Metals announced that a National Instrument 43-101 technical report has been filed for BVI company’s 100% owned Trairão Iron Project in Pará State, Brazil. It is entitled “Third Independent Technical Report on Mineral Resources” and dated August 12, 2011.

BVI-registered Tongxin International issued preliminary financial results for year 2010

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.

Nam Tai Electronics reported financial results for the second quarter of 2011

BVI-registered company Nam Tai Electronics, Inc. announced its unaudited results for the second quarter of the year ended June 30, 2011. According to the operations review, sales in the second quarter were US$147.7 million, this is 29.7% up from US$113.9 million in the same quarter of 2010.

In the second quarter of 2011, gross profit decreased 25.6% as compared to the same quarter last year, and made US$9.5 million (US$12.7 million in the second quarter of 2010). Gross profit margin in the second quarter of 2011 decreased from 11.2% to 6.4% in the second quarter of 2010.

Consistent with its long-term business strategy, the company is narrowing its focus to higher-growth, lower-margin business opportunities, such as key component assembly for telecommunication products, which leverage company core strengths.

Lower gross margins resulted in operating income of US$0.7 million in the second quarter of 2011, down from US$3.8 million in the second quarter of 2010. The BVI company reported net income in the amount of US$3 million in the second quarter of 2011 compared with the US$3.2 million for the second quarter of last year.

For the six months ended June 30, 2011, net sales of Nam Tai Electronics were US$309.6 million, an increase of 60.3% as compared to US$193.2 million in the same period of last year. Gross profit margin of the BVI company was 5.7% as compared to 9.9% in the same period of 2010. Gross profit was US$17.7 million, down 8% as compared to US$19.2 million in the same period of last year. Net income for the six months ended June 30, 2011 was US$5.0 million, or US$0.11 per share (diluted), as compared to net income of US$2.1 million, or US$0.05 per share (diluted) in the same period of last year.

BVI-based Sable Mining announced financial results for year ended 31 March 2011

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.”