Monthly Archives: February 2013

Tongxin International reports unaudited financial results for year ended December 31, 2012

Tongxin International Ltd., BVI-incorporated manufacturer of engineered vehicle body structures (EVBS) for the commercial automotive industry of China, announced the summary of unaudited preliminary financial results for the year period ended December 31, 2012.

According to these results, total revenue of the BVI corporation for the year ended December 31, 2012 was US$78.2 million, compared to US$101.8 million of total revenue (unaudited) for the year 2011. The cost of goods sold in the year 2012 was US$73.7 million. Selling, general and administrative expenses were US$11.6 million. As a result, operating loss of the company was US$(7.2) million for the year ended December 31, 2012, as compared to the unaudited operating loss of US$(5.4) million for the previous year.

The main reason for this year’s increase in operating loss was a gross profit decrease as a result of a decrease in unit selling prices in order to maintain market share.

Company’s cash, cash equivalents and security deposit were approximately US$7.8 million as of December 31, 2012. Total current assets were approximately US$49.1 million, as compared to US$60.6 million at December 31, 2011. Total current liabilities totalled approximately US$74.5 million at December 31, 2012, compared to US$78.8 million at the end of 2011.

Tongxin International scheduled conference call for February 25, 2013.

Ratel Group published financial results for period ended December 31, 2012

Ratel Group Limited, an international mining exploration company, domiciled in the British Virgin Islands and focused on gold and copper deposits in Africa, published the financial results and analysis for the period ended December 31, 2012.

For the three months ended December 31, 2012, the BVI company reported a net loss of US$1.031 million, as compared to a net loss of US$0.784 million for the previous quarter ended September 30, 2012, and US$1.505 million for the three months period ended December 31, 2011. This made a 31 percent increase from the previous quarter of 2012, and a 31 percent decrease from the same period of the prior year, which is largely due to the scale back of activities at the company’s Segilola Gold Project in Nigeria and the Mkushi Copper Project in Zambia.

In the quarter ended December 31, 2012, Ratel Group earned interest income of US$143, as compared to US$81 for the quarter ended September 30, 2012, and US$1K for the December quarter of 2011.

During the reported quarter, Ratel Group incurred exploration and evaluation costs of US$0.241 million – a 41 percent increase as compared to US$0.171 million in the prior quarter, and a 76 percent decrease as compared to US$0.763 million in the quarter ended December 31, 2011. The company incurred administrative costs of US$0.498 million during the December 2012 quarter, a 17 percent increase as compared with US$0.426 million in the prior quarter, and 11 percent increase as compared to US$0.447 million in the December 2011 quarter.

As at December 31, 2012, the BVI company had cash and cash equivalents of US$0.175 million, as compared to US$0.221 million at September 30, 2012. On December 17, 2010, Ratel Group Company issued 49,999,998 shares at an issue price of C$0.10 per share. As at February 14, 2013, the company had 164,000,000 common shares outstanding. During January 2013, the Company cancelled its outstanding 12,000,000 options, exercisable at C$0.25 per share and resolved to issue 14,000,000 loan funded shares, issued at C$0.165 per share.

Nam Tai Electronics reported unaudited financial results for Q4 2012

BVI-registered company Nam Tai Electronics, Inc. announced its unaudited financial results for the fourth quarter period ended December 31, 2012. In the reported period, company’s sales achieved US$468.5 million – up 262.9% from US$129 million in the same quarter of 2011. Gross profit in Q4 2012 was US$49 million, which is 3.9% increase compared to US$1 million in the fourth quarter of 2011. Gross profit margin was US$38 million, compared to an operating loss of US$9 million in the same quarter last year.

In the fourth quarter of 2012, net income of the BVI company was US$36.6 million, or US$0.8 per share (diluted), compared to the net loss of $5.6 million, or loss of $0.13 per share (diluted), in the fourth quarter of 2011.

For the twelve months period ended December 31, 2012, Nam Tai reported net sales of US$1.2 billion, which is a 118.6% increase compared to US$525 million in 2011. Thus, the company achieved a new sales record in the year 2012. Gross profit for the twelve months period was US$105.8 million – an increase of 449.4%, compared to US$19.3 million in the year 2011. Gross profit margin for the twelve months of 2012, was 9.2% – 5.5% increase as compared to the same period of last year. The BVI company reported operating income of US$73.3 million for the twelve months ended December 31, 2012, compared to an operating loss of US$11.4 million in the same period of last year. Net income for the twelve months period of 2012 was US$66.9 million, or $1.48 per share (diluted), an increase of 13,15%, compared to net income of US$0.5 million, or $0.01 per share (diluted), in the same period of 2011.

The main factors that made an impact on the improvement of BVI company’s results in Q4 2012 included the mass production of high-resolution liquid crystal display modules (“LCMs”) for smartphones that was started by the company’s Shenzhen manufacturing facility in September 2012, the increase of production of high-resolution LCMs for tablets by Wuxi manufacturing facility.