Monthly Archives: August 2013

BVI corporation reported financial results for Q2 2013

Talon Metals Corporation announced its fiscal results for the three month period ended June 30, 2013, having reported net loss in the amount of US$2.4 million, or US$0.03 per share (basic and diluted) as a result of an investment loss in Tlou Energy Limited, and administration expenses. This can be compared to US$2.7 million net loss in the second quarter of 2012, which was the result of administration expenses and investment loss on portfolio investments.

For the six month period ended June 30, 2013, Talon Metals reported net loss of US$3.7 million, or US$0.04 per share (basic and diluted); this equals to the net loss of the BVI corporation in the same six month period of the previous year.

Capitalized exploration costs on the Trairão Iron Project reported by the company in the second quarter of 2013 were US$0.3 million, as compared to US$0.8 million in the same three month period of 2012. For the six months ended June 30, 2013, capitalized exploration costs were US$0.7 million (US$1.8 million in the same period of 2012). At June 30, 2013, the total capitalized exploration cost on the Trairão Iron Project was US$17.3 million.

Nam Tai Electronics, Inc. announced unaudited results for Q2 2013

Nam Tai Electronics, Inc., the British Virgin Islands-incorporated company working in the spheres of electronics manufacturing and design services, reported its unaudited results for the second quarter of the year ended June 30, 2013. In this period, company’s net sales were US$167.9 million, excluding the contribution from the discontinued LCMs for tablets business in the amount of US$30.7 million. This revenue was attributed to the production of high-resolution LCMs for smartphones at the Company’s Shenzhen facility.

This is 64.1 per cent increase if compared to US$102.3 million reported by the company in the second quarter of 2012, excluding the discontinued business of US$113.7 million.

Gross profit of the BVI corporation in Q2 2013 was US$15.7 million – an increase of 2.7 per cent as compared to US$15.3 million in Q2 2012. In the reported period of 2013, gross profit margin was 9.4 per cent, – less by 5.6 per cent compared to 15 per cent in the second quarter of 2012.

Operating income in the second quarter of 2013 was US$8.4 million, – 14.3% decrease as compared to US$9.8 million in the second quarter of the last year. The company reported net loss in the amount of US$31.9 million, or $0.71 per diluted share, compared to net income of US$9.4 million, or USS$0.21 per diluted share in the second quarter of last year. Among the main factors that influenced the net loss in the second quarter of 2013 was company’s discontinuation of its entire production operations of LCMs for tablets in its Wuxi facility. Other factors are that Nam Tai Electronics increased net deferred tax expenses of US$5.3 million in Wuxi, and made a bad debts provision of US$2.2 million. Also, Nam Tai made a layoff compensation of US$1.2 million as a result of streamlining the organization structure in the second quarter of 2013. Taking all these factors into account, the company had improved its overheads and had generally been successful in the overall cost control.

BVI company increased ownership of Vnukovo Airport assets

British Virgin Islands-incorporated company Corwell Finance Limited reported that it had become the owner of Vnukovo Airport’s assets, OJSC Vnukovo Airport and OJSC Vnukovo-Invest. Vnukovo International Airport is one of the largest air transportation complexes of Russia, its major shareholder is the Property Department of Moscow. The airport serves flights to most regions of Russia and the CIS countries, as well as Western Europe, Asia and Africa.

In June 2013, Corwell Finance Limited increased its equity holding in Vnukovo Invest from 0.032 per cent to 5.295 per cent, and then to 79.03 per cent through Cyprus offshore company Morimoto Limited. Some days later, the BVI company was reported to have become the owner of a 25.0055 per cent stake in OJSC Vnukovo Airport, also through Morimoto, which owns 5.295 per cent in OJSC Vnukovo-Invest.