British Virgin Islands-registered oil and gas exploration company EOG Resources announced financial results for the third quarter of 2018. During this period, the company generated significant free cash flow and exceeded its production targets. Third quarter net income reported by the BVI company was US$1.2 billion, or US$2.05 per share, as compared to third quarter 2017 net income of US$101 million, or US$0.17 per share. Net cash from operating activities in this period was US$2.2 billion.
EOG generated $2.3 billion of discretionary cash flow in the third quarter 2018. Free cash flow of the company during the period was US$503 million, after considering exploration and development expenditures and dividend payments.
Chaarat, the AIM–quoted exploration and development company incorporated in the British Virgin Islands, announced that it has reassessed its borrowing needs and is reducing its current convertible debt placement from US$100 million to US$50 million. The reduction significantly reduces dilution for existing shareholders. It has been prompted by positive developments surrounding company’s proposed acquisition of polymetallic asset and accelerated project funding arrangements.
Also, the BVI company has completed the first phase of its fundraising, receiving commitments for approximately US$17.6m from new and existing customers. The company is now targeting commitments for up to US$50 million, and plans to raise the remaining US$32.4 million as soon as possible. The second phase of the fundraise, as announced on 28 August 2018, is ongoing and is expected to close by the end of September/early October 2018. Following positive feedback from potential investors, Chaarat will amend the terms of the up to US$100 million Convertible Notes. Upon closing of phase two of the fundraise, Chaarat will apply for a listing of the 2021 Notes, anticipated to be on the Frankfurt Open Market.
Lenta Ltd, a BVI-registered company operating one of the largest retail chains in Russia, published its reviewed consolidated IFRS financial results for the six months ended 30 June 2018.
According to company’s financial highlights for the period, total sales grew 18.2% compared to the first half of 2017, due to the increase of sales from new stores opened in 2018. Gross margin of 21.9% increased as supply chain costs were overcompensated by better supplier terms. Capital expenditures of the BVI company were Rub 10.8bn, which is an increase of 8.4% compared to the first half of 2017. Net cash generated from operating activities decreased by 30.1%, primarily due to movements in working capital. Company’s net profit was Rub 5.2bn, which is 14.9% higher than in the same period of the last year.
During the first six months of the year, the BVI company opened two new hypermarkets and 17 supermarkets. Total number of stores was 346 as at June 30 2018. Net selling space increased by 19.6% as of June 30 2018, as compared to the previous year.
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.