British Virgin Islands-registered company Orca Exploration Group Inc. reported its financial results for the third quarter period ended 30 September 2013. At the end of the reported period, income of Orca Exploration was US$1.9 million or US$0.05 per share diluted, as compared to US$6.8 million loss in the second quarter of 2013. Working capital increased by 40 per cent and made US$31.6 million (US$22.5 million as at 30 June 2013), as a result of increased funds from operations and only US$0.7 million in capital spending during the quarter. At 30 September 2013, cash on hand was US$30.3 million, – that is 62 per cent increase from the previous quarter. Current cash balances are US$34 million.
During the third quarter of the year, the BVI company received from TANESCO US$16.4 million and a subsequent payment of US$7.2 million. At the end of the reported period, TANESCO owed to Orca Exploration US$53.0 million ((US$46.3 million in Q2 2013).
In the third quarter of 2013, industrial sales volume increased by 2 per cent. Power sector sales volumes during Q3 were up 15 per cent from the previous quarter. Stronger gas sales prices and volumes resulted in Q3 funds from operations before working capital changes of US$11.9 million (US$0.34 per share diluted), up 12 per cent from Q2 2013 (US$10.5 million or US$0.30 per share diluted).
Talon Metals Corp., TSX-listed company incorporated in the British Virgin Islands and headquartered in Canada, announced financial results for the third quarter of the year, ended September 30, 2013. For this period, the BVI company reported net loss in the amount of US$0.6 million, or US$0.01 per share (basic and diluted), as compared to the net loss of US$1.7 million, or US$0.02 per share for the third quarter of 2012. The net loss in both reported periods was primarily the result of administration expenses. For the nine month period of 2013 net loss of Talon Metals was US$4.3 million, or US$0.05 per share (basic and diluted), compared to net loss of US$4.5 million or US$0.05 per share for the same period of the previous year.
For the three months ended September 30, 2013, capitalized exploration costs of the BVI company on the Trairão Iron Project were approximately US$0.2 million, as compared to approximately US$0.5 million in the same period last year. The total capitalized exploration cost on the Trairão Iron Project to September 30, 2013 amounts to $17.5 million.
BVI-incorporated company Nam Tai Electronics, Inc. reported its unaudited financial results for the third quarter of the year ended September 30, 2013. The company announced that its net sales in Q3 2013 (not including the discontinued operations) were US$284.2 million – an increase of 61.5% as compared to the net sales of US$176 million for the third quarter of 2012. With respect to the discontinued operations (mainly the Wuxi production), for the third quarter of 2013 the net sales were nil (US$206.0 million in Q3 2012), gross loss was ($0.2) million (US$15.4 million profit in 2012), and operating loss was ($0.4) million (US$13.4 million operating income in Q3 2012).
In the reported period of 2013, gross profit of Nam Tai Electronics was US$23.4 million, as compared to US$19.9 million in the third quarter of 2012. For the third quarter of 2013, gross profit margin was 8.2%, as compared to 11.3% in the third quarter of 2012.
In the quarter ended September 30, 2013 (excluding the discontinued operations), the BVI company reported operating income of US$19.3 million – an increase of 35.5% compared to US$14.3 million in the third quarter of 2012. Nam Tai recorded revenue of US$284.2 million, excluding discontinued operations in Wuxi in the third quarter of 2013. This revenue was attributed to the manufacturing of high-resolution LCMs for smartphones at the Company’s Shenzhen facility. LCM production is the core business for Nam Tai, which has an established reputation as a high quality LCM provider. BVI company’s cash and deposits were US$238.6 million as at September 30, 2013.
According to Hedge Fund Research, Laureate BVI, British Virgin Islands-registered fund engaged in hedge fund management and run by Peter Tasca, this year has generated 15% return, adding to the 18% that was generated last year. The Research reports that in the third quarter of 2013 hedge fund assets have surged to a record of $2.51 trillion.
Hedge Fund managers including Peter Tasca of Laureate BVI have each generated double-digit returns since the beginning of 2013. Mr. Tasca in May issued a buy recommendation on Facebook, which has generated 79% return year-to-date.
For investors looking to invest in a hedge fund with a low initial investment, Laureate BVI offers a non-institutional fund. The minimum investment is only €2,500.00 and it offers the same transparent, cost-efficient investment model as the institutional fund.
Tasca states, “We have had a lot of interest in our retail fund, investors want the opportunity to test the waters before they make a substantial commitment.” Laureate BVI’s retail fund has partnered with such clients as HSBC, Citco Bank and Asholt Investments.
Overall, as the markets continue to stabilize and produce returns for investors, hedge funds will continue to grow with assets poured into them.