Monthly Archives: November 2011

Tongxin International reported unaudited financial results for nine months ended September 30, 2011

Tongxin International Ltd, manufacturer of engineered vehicle body structures and stamped parts for the commercial automotive industry, based in China and registered in the British Virgin Islands, announced its unaudited financial results for the nine-month period ended September 30, 2011. For this period, the BVI company reported net revenue of US$73.35 million, compared to net revenue of US$72.33 million in the nine months period ended September 30, 2011. Gross profit of the company was US$6.83 million, – a 109.5% increase from US$3.26 million in the same period of 2010.

For the nine months ended September 30, 2011, Tongxin International reported a net-loss of US$(6.2) million, or US$(0.33) per diluted share, compared to a net loss of US$(0.67) million and income of US$1.37 per share in the same period of 2010.

Also, Tongxin International announced that on 8 November 2011 it has subscribed for further 1,428,571 new shares in Signet Petroleum Ltd, for total consideration of US$5 million, by exercising part of the option granted to Tongxin by Signet on 22 August 2011. The proceeds of the exercise will allow Signet to meet its short term working capital requirements, and seek additional oil and gas assets in line with the business plan.

Signet Petroleum Ltd is a private limited company incorporated on 18 June 2010 under the law of the British Virgin Islands. Since its incorporation, Signet has acquired interests in exploration rights for hydrocarbons in Tanzania, Namibia, Benin and Burundi.

BVI-registered Talon Metals Corporation reported third quarter financial results

Talon Metals Corp. announced financial results for the three month period ended September 30, 2011. For the third quarter of the year, the BVI company reported net loss from continuing operations in the amount of US$2.9 million or $0.03 per share (basic and diluted), – as compared to net loss of US$0.4 million, or US$0.01 per share reported for the third quarter of the previous year. For the nine month period, net loss from continuing operations was US$11.3 million, or $0.13 per share (basic and diluted), – as compared to net loss of US$5.8 million, or US$0.11 per share (basic and diluted) for the first nine months of last year.

For the third quarter of 2011, capitalized exploration excluding discontinued operations amounted to US$5.2 million, as compared to US$0.5 million for the same period of the last year. For the nine months ended September 30, 2010, capitalized exploration was US$11.5 million, compared to US$1.5 million for the nine month period last year.

Nam Tai Electronics announced unaudited financial results for third quarter 2011

Nam Tai Electronics, Inc., the British Virgin Islands-registered and Hong Kong-based corporation working in the sphere of electronics manufacturing and design services, announced its unaudited results for the third quarter ended September 30, 2011.

In the third quarter of the year 2011, company’s net sales were US$147,4mln, 15.6% down as compared to US$174,7mln in the third quarter of the year 2010. Gross profit in the amount of US$8.1 mln in the third quarter of 2011 is a 54.6% decrease from US$17.9mln in the same quarter last year. Gross profit margin in the third quarter of 2011 decreased to 5.5%, down from 10.2% in the third quarter of 2010. Because of lower gross margins, operating income of Nam Tai Electronics was US$0.1mln in the third quarter of 2011, much lower as compared to US$7.3 mln in the third quarter of 2010. Also, in the reported period the BVI company earned net income of US$0.6 mln, down from the US$7.6mln in the third quarter of the last year. Interest income of the company was US$0.6mln, and currency exchange gains were US$0.9mln.