Monthly Archives: August 2012

Orca Exploration announced financial results for the quarter ended 30 June 2012

BVI-registered Orca Exploration Group Inc. reported its financial results for the quarter ended 30 June 2012. In this quarter, company’s operating revenue was US$16.9 million, compared to US$8.3 million in the second quarter of 2011. Working capital decreased by 16% to US$38.7 million, from
US$56.0 million as at the first quarter period, ended 31 December 2011. This was a consequence of significant capital expenditure on drilling operations. Funds from operations before working capital changes remained unchanged over Q1 at US$9.9 milliion ($0.28 per share), as compared to US$3.3 million, (US$0.09 per share) in Q2 2011.

During Q2 2012, the BVI company continued to produce at maximum capacity, delivering Additional Gas sales volumes of 54.9 MMcfd (52.9 MMcfd Q1 2012).

In the second quarter of 2012 Orca Exploration agreed on a number of major points with the Government Negotiation Team of Tanzania, to resolve the issues raised in 2011. With rapidly deteriorating hydro power supply in Tanzania, the Ministry of Energy and Minerals of the country issued an order to the BVI company to redirect all gas volumes to the state electric utility TANESCO until 31 December 2012, to aid in emergency power generation. Now the company is in active discussions to assess the implications of complying with this order.

CEO and Chairman of Orca Exploration Group noted in his letter to shareholders that 2012 has become a pivotal year for the power sector in Tanzania and the BVI company, with solid accomplishments and very serious challenges.

China Gengsheng Minerals reported financial results for Q2 2012

China GengSheng Minerals, Inc. (http://finance.yahoo.com/q?s=CHGS&ql=0), China-based high-tech industrial materials manufacturer  conducting business through GengSheng International Corporation (http://bvi-companies.blogspot.co.uk/2008/02/gengsheng-international-corporation.html), a British Virgin Islands company, and its Chinese subsidiaries, announced its financial results for the second quarter ended June 30, 2012.
According to the issued financial results, company’s revenue decreased 4% year-over-year, and made approximately $19.6 million. Gross profit was $3.1 million (15.6% of total sales), compared with approximately $5.3 million (26.1% of total sales) in the second quarter of 2011.
In the second quarter ended June 30, 2012 there was the increase of total operating expenses to approximately $5.0 million, as compared to $4.5 million in the second quarter of 2011. General and administrative expenses increased by $307,000 to $1.9 million in the second quarter of 2012 (compared to $1.6 million in the same period of 2011). Finance costs increased by $379,000, or 24.1% to $2.0 million, as compared to $1.6 million in the second quarter of 2011.
Net loss attributable to the company was approximately $3.8 million, or $0.14 per share, compared with $247,000, or $0.01 per share in the second quarter of the previous year.
As of June 30, 2012, China Gengsheng reported cash and cash equivalents of approximately $5.2 million, total equity of approximately $47.3 million, and working capital of $5.3 million.
China Gengsheng’s Chairman and CEO Mr. Shunqing Zhang commented on the financial results for the second quarter of the year: “Our sales recovered gradually from the disappointing first quarter as we stabilized refractory products sales and re-positioned our sales of fracture proppant products to the domestic market… While rising costs continued to put pressure on our bottom line number, we still have confidence in our ability and readiness to capture new market opportunities.”

China GengSheng Minerals, Inc., China-based high-tech industrial materials manufacturer  conducting business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, announced its financial results for the second quarter ended June 30, 2012.

According to the issued financial results, company’s revenue decreased 4% year-over-year, and made approximately $19.6 million. Gross profit was $3.1 million (15.6% of total sales), compared with approximately $5.3 million (26.1% of total sales) in the second quarter of 2011.

In the second quarter ended June 30, 2012 there was the increase of total operating expenses to approximately $5.0 million, as compared to $4.5 million in the second quarter of 2011. General and administrative expenses increased by $307,000 to $1.9 million in the second quarter of 2012 (compared to $1.6 million in the same period of 2011). Finance costs increased by $379,000, or 24.1% to $2.0 million, as compared to $1.6 million in the second quarter of 2011.

Net loss attributable to the company was approximately $3.8 million, or $0.14 per share, compared with $247,000, or $0.01 per share in the second quarter of the previous year.

As of June 30, 2012, China Gengsheng reported cash and cash equivalents of approximately $5.2 million, total equity of approximately $47.3 million, and working capital of $5.3 million.

China Gengsheng’s Chairman and CEO Mr. Shunqing Zhang commented on the financial results for the second quarter of the year: “Our sales recovered gradually from the disappointing first quarter as we stabilized refractory products sales and re-positioned our sales of fracture proppant products to the domestic market… While rising costs continued to put pressure on our bottom line number, we still have confidence in our ability and readiness to capture new market opportunities.”

Nam Tai Electronics reports unaudited results for the second quarter of 2012

Nam Tai Electronics announced its unaudited results for the second quarter ended June 30, 2012. In the reported period, sales of the BVI company were US$205.1 million, and increased by 62.8%, as compared to sales of US$126.0 million in the second quarter of 2011. Gross profit reported by the company in the second quarter of 2012 was US$18.9 million – 182.8% increase, as compared to US$6.7 million in the second quarter of 2011. Gross profit margin was 9.2% – an increase of 3.9% from 5.3% in the same quarter of the previous year.

For the second quarter ended June 30, 2012, Nam Tai reported net income in the amount of US$9.4 million, or US$0.21 per diluted share (212.9% increase as compared to the same period of 2011, when company’s net income was US$3.0 million).

The BVI company informed about the factors that improved significantly the company’s results in the second quarter of 2012: the increase of sales by 62.8%, as a result of the company’s Wuxi manufacturing facility producing larger quantities of high-resolution LCD modules for tablets; the US$6.5 million in other income received by the company; discontinuance by the company of certain production orders that have had low sales and poor performance for the past years.

For the second half of 2012, the management of Nam Tai Electronics anticipates the smooth running of tablet LCM business and the commencement of the production of the smartphone LCM orders will cause further increases in sales and further improvement of company’s profit.