Monthly Archives: February 2014

Origin Agritech announced unaudited results for the First Quarter of Fiscal 2014

Origin Agritech Limited, the British Virgin Islands-incorporated company headquartered in China, focused on supplying crop seeds in PRC, announced unaudited financial results for the first quarter of the fiscal year ended December 31, 2013. In the reported period, the BVI company received revenues in the amount of US$3.3 million, which is less than in the three months period ended December 31, 2012. As of December 31, 2013, deferred revenues were US$51.3 million, compared with 317.4 million in the same period of the last year.

Gross profit in the first quarter of 2013 was US$1.6 million, less than in the same period of 2012. In the first quarter of 2013, total operating expenses were US$5.6 million, selling and marketing expenses were US$2.7 million, research and development expenses were US$1.7 million, general and administrative expenses were US$1.7 million – down by 16.2% as compared to the previous year.

In the reported period, operating loss of the BVI-registered corporation was US$4.0 million, net loss was US$5.1 million, or US$0.22 per share.

At the end of the first quarter of fiscal 2014, Origin Agritech’s cash and cash equivalents were US$24 million, and shareholders’ equity was US$38.4 million.

West African Minerals Corporation announced share placing to raise US$6 million

West African Minerals Corporation announced that it has issued 52,797,738 new ordinary shares at a placing price of 7p per share, together with one warrant for each two shares, to raise approximately £3.7 million before expenses subject to admission. Each warrant is exercisable for one new ordinary share at a price of 10p per ordinary share for a period of two years.

The new shares will rank equally with the existing ordinary shares in issue and application will be made for them to be admitted to trading on AIM. The placing shares will represent 15.44 per cent of the enlarged share capital of the BVI corporation. The Warrants are unlisted and will not be admitted to trading on AIM.

Some major shareholders of West African Minerals Corporation had indicated that they were willing to support a fund raising should this be approved by the Board. Following the issue of the Placing Shares, the company’s issued share capital will consist of 341,893,917 ordinary shares, with voting rights.

BVI corporation announced unaudited financial results for Q4 2013

Nam Tai Electronics, Inc., the company focused in the spheres of electronics manufacturing and design services, in the end of January 2014 reported its unaudited financial results for the fourth quarter of the year ended December 31, 2013. In this period, net sales of the BVI company were US$234.9 million – 24.7% less than in the fourth quarter of 2012 (US$312.2 million).

Gross profit in the reported period of 2013 was US$20.5 million – a 27.1% decrease compared to US$28.1 million in the same period of 2012. Gross profit margin was 8.7% – 0.3% less than in the fourth quarter of the previous year, operating income was US$5.0 million – a decrease of 76.1% compared to US$20.8 million in the same quarter of 2012.

Net income in the reported period was US$9.2 million, or $0.20 per diluted share – compared to the fourth quarter of the last year, this is a decrease of 74.7% (net income of US$36.6 million, or $0.80 per diluted share).

For the twelve months ended December 31, 2013, net sales of the BVI company (excluding the discontinued operations, primarily for Wuxi facility) were US$855.8 million – a 26.2% increase as compared to the net sales of US$678.1 million for the same period of 2012. Gross profit in this year was US$67.6 million, a decrease of 0.9% as compared to US$68.2 million in the same period of 2012. Gross profit margin was 7.9%, compared to 10.1% in the previous twelve months period; operating income was US$35.5 million, compared to US$45.3 million in the same period of 2012.