Monthly Archives: July 2014

Global-Tech Advanced Innovations reported financial results for fiscal 2014

Global-Tech Advanced Innovations Inc., the holding company based in BVI and operating in various business segments, announced the results for the fiscal year ended March 31, 2014. For the reported period, company’s net sales were US$62.7 million – as compared to US$66.8 million in fiscal year 2013. Net loss for fiscal 2014 was US$10.7 million, or US$3.47 per share (compared to US$2.1 million, or US$0.65 per share, in the previous year).

In the fourth quarter of fiscal 2014, company’s net sales were US$17.7 million (compared to US$13.9 million in the fourth quarter of fiscal 2013). Net loss for Q4 2014 was US$3.2 million, or US$1.04 per share (compared to US$2.3 million, or US$0.75 per share, for the same quarter in fiscal 2013).

The loss from discontinued operations announced by Global-Tech Advanced Innovations in fiscal 2014 was US$5.5 million, compared to US$2.6 million in the last year. In 2013, electronic manufacturing services business of the BVI company became a discontinued operation.

Global-Tech’s President and CEO John C.K. Sham commented on the financial results of the company: “During fiscal 2014 our remaining operations, namely electronic components, did not generate sufficient income to cover expenses, primarily due to pricing concessions caused by intense market competition. Despite an increase in unit volume of approximately 8%, net sales declined approximately 7%… We expect unit volume within our electronic components business to grow in fiscal 2015 and, provided that we are able to improve yields and increase productivity in our new COB operation, the electronic components business should gradually return to profitability.”

Premier African Minerals announced financial results for year 2013

Premier African Minerals Limited, the BVI-registered company established to acquire and develop mineral properties across Africa, has issued its annual report for the financial year 2013. For the period ended 31st December 2013, which was company’s full year after admission to AIM, and the seventh since the acquisition of the first exploration licences, the Group reported an operating loss of US$4,728,000. This amount includes impairment charges of US$2,118,000 on exploration and evaluation assets in Togo, and the expense of US$453,000 for options awarded during 2012. During 2013, no new options were awarded. Loss after tax for the reported year for the Group was US$4,769,000.

In year 2013, capitalized expenditure of the company was US$1,254,000, comprised entirely of cash outflows. During 2012, expenditure capitalised of US$4,188,000 included cash outflows of $1,516,000, all the rest amount being non-cash outflows. As at 31 December 2013, Premier African Minerals held US$88,000 in cash and cash equivalents (US$1,518,000 in the end of financial 2012).

As at 20 June 2014, Premier African Minerals had cash reserves of approximately US$300k.

Zanaga Iron Ore Company announces its Annual Audited Results

Zanaga Iron Ore Company, the British Virgin Islands-based holding company for the Group Xstrata plc focused on developing a world class iron ore project in the Republic of Congo, announced the annual audited results for the year period ended 31 December 2013. In company’s fourth full year of operations it has made a profit of US$4.0 million, as compared to US$0.5 million profit in 2012.

The reported general expenses of US$5.2 million (US$6.0 million in the previous year) comprised of US$2.2 million professional fees (US$3.5 million in 2012), US$0.6 million Directors’ fees (US$0.5 million in 2012), and US$2.4 million of other general operating expenses (US$2.0 million in the last year).

In the reported year, cash balance of the BVI Group made US$24 million – a decrease by US$16.4 million (US$4.7 million in 2012), net of interest income US$0.1 million (US$0.2 million in 2012), and foreign exchange loss of US$0.03 million (US$1.6 million gain in the last year).

Net Asset Value of the company made US$232.1 million in 2013, as compared to US$228.1 million in 2012, comprised of US$208.5 million investment in the Jumelles Group (US$189.0 million in 2012), US$24.0 million of cash balances (US$40.4 million in 2012), and US$0.5 million of other net current liabilities (US$1.4 million in 2012).