Archive for the ‘BVI Company & Subsidiary Financials’ Category

BVI holding announced unaudited financial results for Q1 2018

Thursday, May 24th, 2018

ChinaNet-Online Holdings, Inc., a parent company of ChinaNet Online Media Group Ltd., incorporated in the British Virgin Islands, which is an integrated online advertising, precision marketing, data analysis and management services platform. announced its unaudited financial results for the first quarter of 2018.

In this period, company’s net revenues increased by 13.7% to US$8.3mln, compared to US$7.3mln in the first quarter of 2017. Net loss decreased from US$1.1mln in the first quarter of the previous year to US$0.6mln in this year. Search engine marketing and data services revenue for the first quarter of 2018 increased by 29.6%, from US$5mln in the first quarter of 2017 to US$6.4mln in the same period of 2018.

In the first quarter of 2018, cost of revenues was US$7.7mln, compared to US$6.0mln in the corresponding period of 2017, the growth primarily attributable to the increase in revenue contributions from search engine marketing and data services. Gross profit in the reported period was US$0.6mln, this is a decrease from US$1.3mln in Q1 2017, as a result of increased cost of revenues.

Euro Tech Holdings announced annual fiscal results

Wednesday, May 16th, 2018

Euro Tech Holdings Company Limited, incorporated in the British Virgin Islands, announced financial results for the 12 month period ended December 31, 2017. In the reported period, company’s revenues were approximately US$17,350,000, which is 22.8% decrease compared to US$22,478,000 in the previous financial year.

Net profit of Euro Tech Holdings in the year 2017 was US$473,000, as compared to approximately US$231,000 in fiscal year 2016. The net profit increase, despite the fall of revenues, became possible mainly due to decrease in operating loss as well as decrease in selling and administrative expenses, income tax expenses and contributions from affiliates.

Hollysys Automation Technologies announced unaudited financial results for Q3 2017

Monday, May 15th, 2017

Hollysys Automation Technologies Ltd., the Chinese company domiciled in the British Virgin Islands and providing automation and control technologies and applications in China, announced its unaudited financial results for the first nine months and for the third quarter of fiscal year 2017, ended on March 31, 2017.

For the first nine months of the year, non-GAAP net income of the company was US$47.5 million, a decrease of 45.6% compared to the same period of the previous year. Total revenues were US$294.0 million, which is 25.9% less compared to the prior year. Non-GAAP gross margin was at 29.6% (37.2% in 2016); non-GAAP diluted earnings per share were US$0.79, a decrease of 45.5% compared to the same period of 2016. Net cash provided by operating activities was US$41.1 million for nine months of 2017.

For the third quarter of 2017, the BVI company reported non-GAAP income of US$13.7 million, which is 40.7% decrease compared to Q3 2016. Total revenues were US$91.3 million, 23.1% less than in the same period of the prior year. Non-GAAP gross margin was at 30.7% (31.7% for the comparable prior year period); non-GAAP diluted EPS were US$0.22, a decrease of 42.1% compared to the third quarter of 2016. Net cash used in operating activities was US$12.5 million for the quarter.

Luxoft announced financial results for three months ended June 30

Monday, August 15th, 2016

Luxoft Holding, Inc, the BVI company providing software development services and innovative IT solutions, announced financial results for the three months ended June 30, 2016. During the reported period, company’s US GAAP revenue amounted to US$178.0 mln, adjusted earnings before interest, taxes, depreciation and amortization was US$29.6mln, and EBITDA margin was 16.6 per cent.

Non-GAAP net income was US$21.0 mln, a year-over-year increase of 1.9 per cent. Diluted earnings per share was US$0.62, as compared to US$0.61 in the same quarter of the previous year. Luxoft’s revenue increased to US$178.0 mln for the three months ended June 30, 2016, from US$148.1 mln in the same period last year.

Also, Luxoft reiterated its original outlook for the financial year ended March 31, 2017. Revenue is expected to be at least US$781 mln, a year over year increase of at least 20 per cent. Adjusted EBITDA margin is expected in between 17 and 19 per cent. Diluted earnings per share is expected to be at least US$2.10 on a US GAAP basis and at least US$2.85 on a non-GAAP basis.

Dmitry Loschinin, Luxoft’s CEO and President, said in his comments on the results: “We expect that this year will be transformational for Luxoft, when we expand into new verticals and geographies and solidify our existing core verticals and global sales efforts. We believe that the short-term uncertainty driven by Brexit will spur us to make changes that will increase the resilience of our business and help us capitalize on numerous opportunities resulting from the migration of enterprise operations globally and massive regulatory changes around the world.”