Monthly Archives: January 2016

Origin Agritech announced unaudited results for fiscal 2015

Origin Agritech Limited, the Chinese biotechnological company registered in the BVI, announced its unaudited financial results for the twelve months period end September 30, 2015. For fiscal year 2015, company’s operating income was US$0.2 million (RMB1.3 million), as compared to the operating loss of RMB24.5 million in the previous year. Cash flow from operating activities also increased significantly, from negative RMB85.6 million in the fiscal year 2014 to US$8.2 million (RMB52.2 million) in 2015.

Total revenues of Origin Agritech in the fiscal year 2015 were US$59.2 million (RMB376.3 million), as compared to RMB414.9 million during the fiscal year ended September 30, 2014, – a 9.3 per cent decrease primarily due to the lower volumes for corn and rice seeds as a result of market oversupply and high competition.

Net loss of the BVI company was US$2.2 million (RMB13.8 million) for the fiscal year ended September 30, 2015, compared to RMB9.5 million for the year 2014, which included a reversal of tax liabilities. In fiscal 2015, net loss per share was US$(0.1), or RMB (0.6), as compared with RMB (0.4) in the previous fiscal year.

The company, which started as the first private seed company in China in 1997, continued with seed biotechnology research in early 2000’s, is now becoming a biotech company focusing on GMO technologies and having established state-of-the-art seed production bases and solid distribution channels in China.

BVI group announced interim financial statements for period ended 30 September 2015

BVI-registered West African Minerals Corporation announced its unaudited consolidated interim financial statements for the period ended 30 September 2015. During the reported period, company’s total assets decreased by 1.3 per cent from £23.0 million on 31 March 2015 to £22.7 million. There were no impairment losses during the period, and the decline was primarily due to operational expenses.

Cash on hold reported by the company equated to £3.9 million, as compared to £4.4 million in the period ended 31 March 2015. During the financial period, West African Minerals reported total comprehensive loss of £0.4 million, as compared to £0.7 million as at 30 September 2014. Company’s loss per share (basic and diluted) decreased to 0.11p (0.19p on 30 September 2014).

The BVI group announced that it is still evaluating suitable businesses in the mineral resource sector for acquisition or investment. It is also continuing its strategy of reducing expenditures through 2016, until it makes a new investment or implements its regional steel production strategy, or sees a significant improvement in market conditions.