Monthly Archives: December 2016

West African Minerals Corporation reported interim results for period ended 30 September, 2016

West African Minerals Corporation, the AIM-listed mining company incorporated in the British Virgin Islands, reported its unaudited consolidated interim financial statements for the period ended 30 September 2016. In the reported year half, BVI group’s total assets remained at the same level of £22.4mln (£22.4mln in the previous period ended 31 March 2016), without impairment losses. Cash on hand was £3.44mln (£3.57mln at 31 March 2016).

For the reported financial period, group’s comprehensive loss was £0.07mln, as compared to £0.41mln in the same period of 2015. There was a decrease in basic and diluted loss per shre from 0.11 pence as at 30 September 2015 to 0.03 pence per share as at 30 September 2016.

West African Minerals announced that in 2017 it will continue its strategy to focus on cash preservation, because of continuing uncertainty over the medium term evolution of iron ore prices. Also, the company will continue to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.

Euro Tech Holdings announced Interim Results for period ended June 30, 2016

BVI-registered Euro Tech Holdings Company Limited (CLWT) announced its unaudited financial results for the six months period ended June 30, 2016. For this period BVI company’s revenues were approximately US$10.469,000, which is 26.5% higher if compared to approximately US$8,273,000 revenues for the same period ended June 30, 2015. This is primarily due to the increase in revenues from trading and engineering activities of US1,367,000 and US$829,000, respectively.

Gross profits of Euro Tech Holdings were approximately US$1,929,000 for the first half of 2016 (US$1,857,000 for 1H 2015). There was a decrease in selling and administrative expenses by approximately US$189,000, in the reported period these were US$2,814,000. Profit contribution from the affiliate companies in the first half of this year was approximately US$68,000, as compared to negative contribution of US$138,000 for the first half of 2015.

The net loss of the BVI company was approximately US$484,000 for 1H 2016 (US$662,000 for 1H 2015), due to increase in revenue, decrease in selling and administrative expenses, and profit contribution from the affiliates, despite the decrease in other income due to exchange loss.

Orca Exploration Group announced results for third quarter of 2016

Orca Exploration Group has reported financial results for the quarter ended September 30, 2016. In the third quarter of the year, company’s revenues were CAD 23.15 million, and net earnings were CAD 6.92 million. Gross margin was 80.49%, compared to 73.51% in the same quarter of the previous year; operating margin (EBITDA) was 81.85%, compared to 72.98% in the same period of last year.

Year-on-year change in operating cash flow was 281.79%, which is almost the same as the change in earnings, without significant movement in accruals or reserves. Narrowing of operating margins contributed to decline in earnings.