Polo Resources Limited, the British Virgin Islands-incorporated company focused on natural resources exploration investment, with interests in coal, gold, iron ore, oil and gas, announced unaudited interim results for the six months ended 31 December 2011.
The net asset value, reported by the BVI company, was 4.23 pence per share as of 31 December 2011. Also, in this period Polo Resources made new investment of US$16.5 million to acquire 100 per cent interest in Sierra Leone gold project – Nimini Holdings Limited. By the end of February 2012, Polo Resources had invested a further US$1 million to fund further drilling and exploration bringing the total investment to US$19 million. The company also made new investment in the amount of US$12 million in Signet Petroleum Ltd. – the company exploring oil and gas concessions in Africa.
Net profit of the BVI company made US$8.74, compared to net profit of US$63.45 million in the comparative period – resulted from the disposal of Polo’s interest in Extract Resources Limited.
Origin Agritech Limited, the British Virgin Islands-incorporated supplier of hybrid and genetically modified crop seeds in China, reported unaudited financial results for three months ended December 31, 2011. According to the published results, in the first quarter of fiscal 2012 company’s revenues were US$4.3 million, an increase of 57% from US$2.6 million in the same period of 2010.
Gross profit for the three-months period ended December 31, 2011 was US$1.7 million, compared to US$1.3 million in the three months ended December 31, 2010. Gross margins for the first quarter of 2011 were 40 per cent, as compared to 50 per cent for the first quarter of the previous year.
For the reported period, total operating expenses of the BVI company were US$7.1 million, compared with US$5.9 million reported for the first quarter of 2010. Selling and marketing expenses were US$2.9 million, – this is 70.8% increase from US$1.6 million for the same period of the last year. In the first quartere ended December 31, 2011, general and administrative expenses were US$3.1 million, decreased by 4.4% from US$3.1 million for the three months ended December 31, 2010. The reasearch and development expenses decreased to US$1.2 million this quarter, from US$1.9 million for the same quarter last year.
Operating loss for the first quarter of fiscal year 2012 was US$5.3 million, compared with an operating loss of US$4.6 million for the same period in fiscal 2011. Net loss for the first quarter of fiscal year 2012 was US$5.5 million, or US$0.23 per share, as compared to a net loss of US$3.3 million, or US$0.14 per share in the same period last year.