Archive for the ‘BVI Company & Subsidiary Financials’ Category

MDM Engineering Group announced financial results for year ended 31 March 2014

Tuesday, August 26th, 2014

MDM Engineering Group Limited, the minerals process and project management company working in the mining industry, announced its audited financial results for the full year period ended 31 March 2014. The BVI company reported revenue of US$ 108.7 million, as compared to US$ 137.2 million in the previous year; gross profit of US$ 24.2 million, as compared to US$ 33.0 million in 2013; pre-tax profit of US$ 12.2 million (US$ 20.4 million in 2013), and after tax earnings of US$ 10.4 million (US$ 14.2 million in 2013).

Basic earnings of MDM Engineering Group were US 27.66 cents per share, as compared to US 37.78 cents per share in the last year.

Among company’s highlights in this year, there is recommended takeover offer from global engineering and construction group and power equipment supplier Foster Wheeler. Upon completion of this transaction, which is expected very soon, MDM ordinary shares will no longer be traded on the AIM Market.

For the year 2014, the group announced strong cash position of US$ 23.7 million (US$ 34.6 million in 2013), and full year dividend of US 8.00 cents per share.

West African Minerals Corp. reported unaudited interim financial results

Friday, January 10th, 2014

West African Minerals Corporation, the British Virgin Islands company focused on the sphere of iron ore mining and exploration, has announced its unaudited interim consolidated financial statements for the six months period ended 30 September 2013. According to company’s financial highlights, its total assets fallen by 21.2%, from £29.7 million at 31 March 2013 to £23.4 million in the reported period. This became to a large extent the result of impairment recognized in respect of Dja and Minko licence permits. In the period ended 30 September 2013, cash remained over £3.5 million, as compared to £9.4 million at 31 March 2013. Basic and diluted loss per share also increased and made £0.0221 (£0.0056 at 31 March 2013).

Brad Mills, President of West African Minerals Corporation, said in his comments on the six month results of the company: “2013 was an important year for WAFM as it moved from regional exploration to detailed definition drilling of two of its Cameroon licenses, Binga and Djadom…We anticipate Binga will become the major focus for work in 2014.”

Ernst & Young to be engaged by BVI-registered China Natural Resources

Saturday, October 23rd, 2010

On October 15, 2010, British Virgin Islands-registered and Hong Kong-based company China Natural Resources, Inc. engaged Ernst & Young as its independent registered public accountants. It is planned that Ernst & Young will audit the financial statements of the BVI company for the year ending December 31, 2010, and the effectiveness of the company’s internal control over financial reporting as of December 31, 2010.

Ernst & Young is to replace GHP Horwath, P.C., who was dismissed as the company’s independent registered public accountants.

BVI company’s CEO and Chairman Mr. Feilie Li said in his comments: “We are pleased to welcome Ernst & Young as our audit firm, and look forward to a rewarding, long-term relationship with them. At the same time, we are saddened to end our tenure with GHP Horwath and wish to express our sincere appreciation for their many years of courteous and professional service.”

BVI-registered Yucheng Technologies receives High-Tech Enterprise Certificate

Wednesday, April 1st, 2009

BVI-registered Yucheng Technologies Limited, IT and outsourced services provider to the  banking industry in China, has announced that Yucheng, as well as two of its wholly-owned subsidiaries, have been granted High-Technology Enterprise Certificates by China’s Ministry of Science and Technology, Ministry of Finance and the State Administration of Taxation.

The Certificates are valid for at least three years, and are open for renewal in 2012. High-Technology Enterprise Certificates are awarded to qualified enterprises that meet strong criteria, including developing core intellectual property rights, receiving over 60% annual revenues from high technology products/services, and performing high percentage of research and development.

After receiving the Certificate, Yucheng Technologies (BVI) company continues to receive preferential treatment, including, first of all, a three-year corporate tax reduction. By words of BVI company’s CEO Mr. Weidong Hong, tax benefits will ensure that they continue to maximize their financial performance.