Nam Tai Property Inc., which changed its name from Nam Tai Electronics, Inc. and transformed its core business from the EMS industry to property development and management, reported its unaudited financial results for the three months period ended June 30, 2014. Company’s manufacturing business of LCM module, including Wuxi and Shenzhen production operations, was classified as “discontinued operations” and disclosed in the statement of comprehensive income separately under loss from discontinued operations.
For the second quarter of the year, BVI company reported operating loss in the amount of US$2.7 million – an increase of US$0.2 million if compared to US$2.5 million in the same period of 2013. Net sales of the company, with respect to the discontinued operations, were US$2.6 million in Q2 2014 (198.6 million in the same period last year); gross profit was US$0.2 million (US$15.8 million in Q2 2013), and operating losses made US$4.8 million (US$25.3 million in Q2 2013). Net loss in the reported period of 2014 after considering the loss from discontinued operations was US$4.5 million, or US$0.1 per diluted share, compared to net loss of US$31.9 million, or US$0.71 per diluted share, in Q2 2013.
For the six months period ended June 30, 2014, operating loss of Nam Tai Property Inc. was US$4.4 million, US$0.1 million less if compared to US$4.5 million in the same period of the previous year. Net sales of the company in the six month period of 2014were US$53.2 million (US$383.8 million in the same period ended June 30, 2013), gross profit was US$2.8 million (US$23.4 million in half year 2013), and operating losses were US$20.4 million (US$22.1 million in the same period of 2013). Net loss for the six months ended June 30, 2014 was US$26.1 million, or US$0.58 per diluted share, compared to net loss of $26.9 million, or US$0.60 per diluted share, in the same period of 2013.
China-headquartered and BVI-incorporated agricultural technology-focused company Origin Agritech Limited reported its unaudited financial results for the third quarter of the year ended June 30, 2014. For this period, company’s revenues were US$15.1 million – lower than in the same period of 2013, mainly because of the lower sales of the rice seed business as a result of increasing competition. In the end of the third quarter 2014, deferred revenues of the BVI company were US$55.6 million.
For the third quarter ended June 30, 2014, gross profit of Origin Agritech was US$3.5 million; gross margin in this period decreased to 22.9%, from 28.7% in the third quarter of fiscal 2013. For the three months ended June 30, 2014, total net operating expenses of the BVI company were US$4.5 million. Specifically, selling and marketing expenses were US$1.7 million, research and development expenses were US$1.4 million, and general and administrative expenses were US$1.7 million.
In the reported period, loss from operations amounted to US$1.0 million (RMB6.3 million), compared with profit of RMB8.4 million in the same quarter of fiscal 2013. Net loss in Q3 2014 was US$2.4 million, or net loss of US$0.11 per basic and diluted share.
Cash and cash equivalents of Origin Agritech were US$14.7 million as of June 30, 2014, while shareholders’ equity attributable to the BVI company was US$28.5 million. The BVI company had short-term borrowings in the amount of US$46.3 million, and long-term borrowings of US$10.5 million.
In July, BVI-based Orca Exploration Group Inc. issued press release as an answer to speculations regarding potential sale of the company, where announced that it is in discussions with the third parties which have made unsolicited approaches to the company relating to its sale, asset disposal, strategic investments and other transactions.
The company stated in the press release that it has not entered into any agreement and cannot assure that these discussions will lead to a binding agreement. Also, Orca will not make further announcements regarding these proposals until either an agreement has been reached or discussions are terminated.
The BVI group also announced that it has recently received a US$5.96 million payment from TANESCO against arrears. Currently, TANESCO owes Orca Exploration US$52.4 million of which US$46.0 million is overdue, and Orca continues to pursue the full repayment of arrears.