Gross profit for the second quarter, 2010, was approximately US$4.9 million, or 32.8% of revenue, compared with gross profit of approximately US$4.4 million in the second quarter of 2009. The reason for the increase in gross profit in the second quarter was the growth of sales prices of the company’s products, decrease in cost of raw materials, and increased revenues from full-service programs.

Total operating expenses of the company were approximately US$3.5 million, compared with US$2.5 million in the second quarter of 2009. Company’s selling expenses were US$1.8 million, an increase of $0.4 million, compared with selling expenses in the second quarter of 2009. The increase in selling expenses was related to increase in export sales of company’s fracture proppant products and activities associated with the launch of Gengsheng’s fine precision abrasives.

In the reported period, Company’s general and administrative expenses were US$1.4 million, compared with US$1.0 million in the second quarter of 2009. Research and development expenses made US$0.3 million – a US$0.1 million increase from the second quarter of 2009.

For the second quarter of 2010, the company reported decrease of income tax expense to approximately US$121,000, from US$282,000 million in the second quarter of 2009. Net income attributable to China Gengsheng’s common stockholders was approximately US$1.0 million, or US$0.04 per share, compared with net income of approximately US$2.0 million, or US$0.09 per share, in the second quarter of 2009.

The company reported gross profit of US$12.7 million, this is a 21.9% increase as compared to US$10.4 million in the second quarter of 2009. This is primarily the result of increase of sales and the effects of costs savings. Gross profit margin of the company was 11.2% in the reported period, compared to 10.2% in the same quarter of 2009.

In the period ended June 30, 2010, net income attributable to Nam Tai shareholders was US$3.2 million (2.8% of sales), as compared to net income of US$0.6 million (0.6% of sales) in the same period of 2009. Company’s operating income was US$3,8 million (compared to US$1,4 million in the second quarter of 2009). Company’s profit in Q2 2010 was primarily the result of the overall increase of sales.

In the reported period, company’s earnings per share (basic and diluted) were $0.07, as compared to $0.01 in the second quarter of 2009. 

According to the operations review of Nam Tai Electronics, the growth and improvement of company’s performance in the second quarter of 2010 was attributable to the simplification of corporate and organization structures, and strengthening of management controls and enterprise efficiencies. However, the overall instability of the global economy affected the demand for and sales of company’s consumer products.

Subsequent to the end of the second quarter, Talon Metals Corporation concluded an agreement with a private company Lago Dourado Minerals Ltd regarding the Juruena Gold Project in Brazil. Under the terms of this agreement, the BVI company sold 100% of its indirect interest in Juruena to Lago, for a consideration including cash payment of approximately US$1 million. The payment, which was received by the company in July 2010, increased Talon’s treasury to approximately US$4 million.

According to NASDAQ listing rules, now Tongxin International has 60 days to submit a plan to comply with the rules. The company informed in the press release about its intention to provide the plan and timetable to achieve compliance in the near term.

The Intellectual Property Transfer Agreement was signed in 2008 in connection with Fuqi subsidiary’s acquisition of the intellectual property rignts related to Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong Tian Mei Jewelry Co. Ltd.

The purpose of the current amendment was to amend the formula underlying the performance targets of the original IP Transfer Agreement. The provisions of the amendment removed certain expenses including some corporate expenses, the valuation difference for the sold inventory items between the fair value on August 7, 2008 and the carrying value prior to Fuqi Subsidiary’s acquisition of the Temix Companies.

For the six month period ended May 31, 2010, the BVI corporation reported net loss of $5.47 million, or $0.10 per share (basic and diluted). For the same period of 2009, net loss was $1.96 million. According to the company’s report, the increase of net loss for the three and six month periods of 2010 is mainly attributable to the reduced interest  received on cash and cash equivalents and the reduction of profit on foreign exchange.

At May 31, 2010, capital expenditure on exploration properties of CIC Energy amounted to $167 million, capital exploration costs totaling $6 million.

Net loss attributable to ordinary shareholders for the first quarter of 2010 was US$2.3 million, or $0.48 per share (basic and diluted) – compared to net loss attributable to ordinary shareholders of US$5.6 million, or $1.74 per share in the same period of 2009. The net loss in Q1 2010 was impacted by non-cash amortization of intangible assets which were acquired in connection with company’s acquisition of Binzhou Broadcasting and Hubei.

It is estimated by the BVI company that its total consolidated revenues for the full year of 2010 would be between US$50-55 million.

The Founder and Executive Chairman of China Cablecom, Clive Ng, said that they are pleased with reporting a strong quarter. He added that the performance of both operations in Binzhou and Hubei have exceeded the expectations and delivered significant growth in company’s results.

AOL entered into a Securities Purchase agreement with BVI-based Digital Sky Technologies for the sale of its ICQ operations on April 28, 2010. The company is planning to use the money from this deal for buying media properties, paying some of its debt, or just covering some ad revenues.

The share repurchase by the chairman of the BVI company resumed in April, 2010. He purchased 500,000 shares and plans to reach the $10 million limit next year. With approximately 36 percent interest in Qiao Xing, he is the largest shareholder of the company.

The share repurchase program was announced in September 2008 and had been on hold because of market uncertainty caused by the global crisis.

A year ago, the Foreign Investment Promotion Board objected to the UBHL Group, which is controlling Kingfisher, in its proposal to raise Rs 708 crore by issuing fully convertible equity warrants to the British Virgin Islands-registered company FirStart Inc.
 
The reason was that this would raise FDI stake above 52%, while the maximum level prescribed is 49%. As a result, the company had to lower the FDI level within a specified period of time.

UB Group planned to use the money from the BVI company to invest in various ventures including Kingfisher Airlines, McDowell Holdings,and UB Electronics (in which it holds stakes), and Kingfisher Finvest and UB Infrastructure Projects (both wholly-owned).