British Virgin Islands-registered corporation Nam Tai Electronics, Inc. announced its unaudited results for the first quarter of the year ended March 31, 2012. The first quarter of 2012 for the company was a transitional period between the discontinued product lines of lower-margin and smaller orders and the production of high-resolution LCD modules for tablets and smartphones.
The net sales for the first quarter of 2012 and 2011 excluded the discontinued product business of low-end monocrhome Liquid Crystal Display Panels, the net sales of which were US$11.5 million and US$19.5 million, gross (loss) profit was (US$1.5 million) and US$2.6 million and operating (loss) income was (US$3.5 million) and US$1.2 million for the three months ended March 31, 2012 and March 31, 2011, respectively.
In the first quarter period ended March 31, 2012, the BVI company reported operating loss in the amount of US$2.9 million, and net loss of US$3.6 million in the first quarter of 2012, compared with a net income of US$2.0 million in the first quarter of 2011.
In the first quarter of 2012, the BVI company’s revenue decreased by 33.9% when compared with the same period of the previous year, excluding the contribution from the discontinued business.
Nam Tai Electronics has two separate site-expansion projects in progress – one in Shenzhen and one in Wuxi. It is anticipated that this year both lands will be released to the company, and will be used for the improvement and expansion of its production facilities in both cities in the coming year.
The British Virgin Islands-registered and China-based corporation China Natural Resources, Inc. released annual results for the year ended December 31, 2011. In the reported year, the BVI company recorded total revenues of CNY148.15 million (US$23.54 million) in 2011, up by 58.70% from the previous year. The operating loss of the BVI company improved from CNY61.31 million (US$9.74 million) in 2010 to CNY25.88 million (US$4.11 million) in 2011; net loss attributable to the company owners was CNY65.98 million (US$10.48 million) in 2011.
Mr. Li Feilie, the Chairman of China Natural Resources, commented on the results of the company: “Identifying undervalued assets and pursuing growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province of mainland China are our competitive edges. We intend to take advantage of the coal mine consolidation opportunity in Guizhou province this year and the year ahead. In view of the continuing economic growth in mainland China, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects of the coal mining industry in mainland China.”
Global-Tech Advanced Innovations Inc., the BVI-registered holding company engaged in the business segments of home appliances, electronic components and other, announced its financial results for the third quarter of fiscal 2012 – the period ended December 31, 2011.
For the reported period, company’s net sales were US$44.2 million, an increase of approximately 81% – compared to US$24.4 million for the same quarter in fiscal 2011. Net income for the third quarter of fiscal 2012 was US$3.3 million, or US$1.09 per share, as compared to a net loss of US$1.5 million, or US$0.48 per share, in the third quarter of fiscal 2011.
For the nine months ended December 31 2011, net sales of the BVI company were US$103.1 million, up approximately 37% when compared to US$75.2 million in the corresponding nine-month period in fiscal 2011. In the first nine months of fiscal 2012, net sales of home appliances, electronic components and EMS revenues increased approximately 60%, 25% and 5%, respectively, compared to the corresponding period in fiscal 2011. Net income for the first nine months of fiscal 2012 was US$2.9 million, or US$0.97 per share, compared to a net loss of US$1.5 million, or US$0.51 per share, for the same period of fiscal 2011.