The North West Company Inc., the Canada-based retailer with presence in the Caribbean region, announced its unaudited financial results for the second quarter ended July 31, 2018. According to the company President and CEO Edward Kennedy, company’s new business investment in the Roadtown Wholesale Trading Ltd. in the British Virgin Islands contributed at or above expectations and brought positive results.
Company’s consolidated sales in the second quarter decreased 2.2% to US$503.8mln because of negative impact of store closures related to hurricanes in the Caribbean and BVI. Gross profit of the company increased 0.5% , mainly because of the change in product sales blend. Selling, operating and administrative expenses increased 4.8%, primarily due to a $6.5mln increase in share-based compensation expenses, NSA expenses and new stores in Canadian operations.
Earnings from operations decreased 16.2% to US$27.8mln, compared to US$33.2mln in the same quarter of the previous year. Net earnings decreased 20% and made US$18.6mln; net earnings attributable to shareholders of the company were US$17.6mln, and diluted earnings per share were US$0.36, compared to US$0.46 last year. Adjusted net earnings decreased 5.4% due to the impact of the hurricane-related store closures.
BVI-registered Juvenescence Limited, a global leader in developing therapeutics focused on extending human age, signed a strategic agreement with AgeX Therapeutics, according to which 14.4mln shares of AgeX will be purchased by the BVI corporation from clinical-stage biotechnology company BioTime, Inc. 50% of the purchase price of US$43.2mln will be paid to BioTime in cash, and the second half of the sum will be a 2-year convertible/redeemable note with an annual interest rate of 7%.
Greg Bailey, the CEO of Juvenescence, has said in his comments: “BioTime and AgeX have been trail blazers in regenerative medicine. The assets they have created with their lead scientist and the CEO of AgeX Mike West are remarkable, both for the unique qualities of their programs, but also for the breadth of cell lines and IP… Furthermore, we feel it is a great fit with the Juvenescence team of drug developers and scientists. First and foremost, we look forward to developing and bringing products to the patients as novel treatments to potentially offset some of the maladies of getting old.”
Management of Juvenescence Limited, through their previous roles in pharmaceutical companies with marketed products, have taken multiple products to commercialization with annual peak sales being over US$70 billion. It has sourced and created a pipeline of therapeutic candidates, all of which have the potential to positively modify aging.
Harneys, one of the oldest law firms having offices in the British Virgin Islands and other jurisdictions, acted as a Cypriot counsel to the mandated lead arrangers including National Westminster Bank PLC, Santander UK PLC, UBS Limited and Unicredit Bank AG, in relation to the financing given to Playtech Plc, approximately in the amount of €1.3 billion.
Playtech is the world’s largest online gaming software supplier traded on the London Stock Exchange and registered in the British Virgin Islands, offering cutting-edge solutions to the leading operators working in the industry.
Deswell Industries, Inc., an independent manufacturer and supplier registered in the BVI and headquartered in Hong Kong, announced its unaudited financial results for the second half of the fiscal year ended March 31, 2018. For the six months, the company reported net sales of US$30.9mln – an increase of 29.4% as compared to net sales of US$23.9mln for the same period ended March 31, 2017. In the plastic segment, net sales increased by 13.7% and made US$14.4mln, while in the electronic segoment they increased by 47.2% to US$16.5mln.
For the six months ended March 31, 2018, the BVI company reported net income of US$2.5mln, as compared to net income of US$0.7mln for the same period of the previous year. Of this amount, operating income made US$0.2mln in the reported period, compared to operating loss of US$0.3mln in the second half of fiscal 2017.
For the second half of fiscal 2018, Deswell reported basic and diluted income of US$0.16 per share, as compared to basic and diluted income of US$0.04 per share for the six months ended March 31, 2017. As of March 31, 2018, the BVI company had US$15.2mln in cash and cash equivalents and working capital totaled US$49.8mln.