New Century Logistics (BVI) Limited

What they do

The company is an Arrangement of Transportation of Freight & Cargo business operating through Hong Kong subsidiaries. It has no material operations of its own and acts as a holding company; operations are conducted in Hong Kong dollars by NCL (HK), NCEW (HK) and Win-Tec. It files as a foreign private issuer on Form 20-F and reports in U.S. dollars, with convenience translations at US$1.00 = HKD7.80.

Revenue drivers

• Freight forwarding and cargo arrangement (Hong Kong operations) — Revenue is generated by the Hong Kong operating subsidiaries NCL (HK), NCEW (HK) and Win-Tec; the filing does not break out segment-level revenue, so relative size by line is not disclosed.
• Consolidated revenue base — Reported annual revenue was $52.2M in fiscal 2024 and $44.1M in fiscal 2025, down from $75.2M in fiscal 2022.

Recent performance

Fiscal 2025 revenue was $44.1M, down from $52.2M in fiscal 2024 and below the $75.2M reported in fiscal 2022. Fiscal 2025 net income was negative $10.7M, compared with net income of $220,643 in fiscal 2024 and $454,415 in fiscal 2023. Diluted EPS was negative $3.71 in fiscal 2025 versus $0.09 in fiscal 2024 and $0.35 in fiscal 2022. Operating cash flow was negative $3.4M in fiscal 2025, after positive $1.4M in fiscal 2024 and negative $2.5M in fiscal 2023. At September 30, 2025, total assets were $14.5M, total liabilities $9.3M, shareholder equity $5.3M and cash and equivalents $645,912.

Strategy

The filing excerpt provided does not set out a detailed growth or investment strategy. The document is Amendment No. 1 on Form 20-F/A, filed in response to an SEC comment letter dated June 1, 2026, and its stated purpose is to amend Item 3 (Key Information), Item 15 (Controls and Procedures) and Exhibits 12.1 and 12.2. The amendment speaks as of the February 17, 2026 filing date of the original Form 20-F and does not update other disclosure or reflect events after that date. No specific capital allocation, expansion or new-product plans are described in the excerpt provided.

Risks

• Internal control over financial reporting — The Form 20-F/A was filed after an SEC comment letter and amends disclosure covering the risks of lack of effective internal controls over financial reporting, disclosure controls and procedures, and the related audit attestation.
• Revenue decline and losses — Revenue fell to $44.1M in fiscal 2025 from $52.2M in fiscal 2024 and $75.2M in fiscal 2022, while net income swung to a $10.7M loss in fiscal 2025.
• Negative operating cash flow — Operating cash flow was negative $3.4M in fiscal 2025, following negative $2.5M in fiscal 2023, with only one positive year ($1.4M) among 2023-2025.
• Limited liquidity relative to liabilities — At September 30, 2025, cash and equivalents were $645,912 against total liabilities of $9.3M and total assets of $14.5M.

Outlook

The excerpt provided does not include management's forward outlook or guidance. The amendment states it speaks only as of the original Form 20-F filing date of February 17, 2026 and does not update or restate other information or reflect subsequent events. No forward targets or forecasts are available from the source material.