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.