Monthly Archives: August 2015

Atlas Mara Limited issues financial results for the first half of 2015

Financial services group Atlas Mara Limited, registered in the British Virgin Islands, published unaudited fiscal results for the six months period ended 30 June 2015. During the period, company’s profit after tax was US$4.1mln, as compared to a US$3.2mln loss for the first half of 2014. Net interest income was 8.5 per cent higher than in the same period of 2014; also, the company reported 8.6 per cent growth in non-interest income, due to improved currency trading conditions, as well as growth in fee and commissions income.

Union Bank of Nigeria Plc contributed US$10.5mln of attributable net income to BVI group’s results, which is 6.2 per cent higher that in the previous year. Reported loans and advances were US$1.17bln – 8.9 per cent increase from December 2014. Reported deposits were US$1.46bln – 10.8 per cent increase from December 2014. Also, Atlas Mara reported US$639.4mln equity in the first half of 2014, which is US$43mln less than in December 2014. Implied book value per share at 30 June 2015 was $9.13.

During the period, the BVI group continued its focusing on centralizing processes, with the purpose to reduce back office resources and costs and improve front office focus. Also, Atlas Mara has been implementing a comprehensive program to strengthen end-to-end credit process of its subsidiaries. The company continues negotiations to complete the acquisition of a stake in Banque Populaire du Rwanda, and evaluates further acquisitions to expand and/or deepen the company’s presence.

Luxoft Holding announced financial results for the quarter ended June 30, 2015

BVI-registered company Luxoft Holding, Inc, providing software development services and IT solutions, reported financial results for the three months ended June 30, 2015. Company’s US GAAP revenue for this period was US$148.1mln, which is 31.8 per cent higher than in the same period of 2014, on the reporting currency basis, and 45.6 per cent higher on the constant currency basis. Non-GAAP net income was US$20.6mln, or US$0.61 per diluted share – an increase of 40.9 per cent over the same quarter of the last year. Diluted earnings per share (EPS) on an US GAAP basis was US$0.43 (US$0.38 in the same quarter 2014).

The BVI holding also released an outlook for the financial year ending March 31, 2016, having increased its original revenue and EPS guidance. Luxoft expects its revenue to reach at least US$640.3mln, which is 23 per cent higher than in the previous fiscal year, compared to at least US$625mln, an increase of at least 20.0 per cent year over year and 26 per cent in constant currency. Diluted EPS is expected to reach at least US$2.02 on an US GAAP basis, as compared to US$2.00 previously. Fully diluted EPS is expected to reach at least US$2.55 on a non-GAAP basis, compared to US$2.52 previously.