Write back inflates BLUE profits

6 October 2011 04:48 pm - 0     - {{hitsCtrl.values.hits}}

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Sri Lanka's Blue Diamond Jewellery Worldwide PLC (BLUE) has recorded a net profit of Rs.26 million for 2Q12, largely supported by a 19 million non-cash write back of outstanding payables to Ceylinco Investment Company.
 
The ‘Note 7’ of the interim accounts said, “The Board of Directors had decided to write back the total outstanding balance of Rs.19, 376, 991 payable to Ceylinco Investment Company Limited as a non existing liability during the quarter as an amount received as marketing support during previous years”,
 
A similar write back amounting to Rs.24 million occurred in the previous quarter (1Q12) on account of settlement of a credit facility.
 
Nevertheless, BLUE was the first company to come out with results for the September quarter. The company also became the first listed entity to release results for the June quarter.
 
The shareholder list provided with the accounts showed that General Fund of Sri Lanka Insurance Corp as the largest single shareholder with 10.8 million shares or 10.52 percent.
 
British American Technologies, the largest shareholder of the E-Channelling PLC is the second largest shareholder with 7.9 million shares or 7.66 percent. (IS)
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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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