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By Jayanath Abesuriya
In the light of strong global prices for gold and jewellery of late, Sri Lanka’s only diamond exporter, The Blue Diamonds Jewellery Worldwide Plc (BLUE) is speculated to be eyed by an Indian investor, according to market sources. They say that due to this speculation, share prices of BLUE traded on the Colombo Stock Exchange last week has been on a rally opening from a mere Rs. 3.20 on Monday to close as high as Rs. 4.80 on Thursday and closing at Rs. 4.10 on Friday.
When inquired from Blue Diamonds Chairman and Managing Director Bandula Ranaweera about the veracity of the speculation, he however denied divulging any details but added that although there had been several occasions in the market earlier which outlined several new investors eyeing their company, they never became a reality.
At present, BLUE’s major shareholders are Ceylinco Insurance Plc having a 4.6% stake whilst the other related Ceylinco entities have another 3.8% as at December 31, 2010.
After facing challenging years of operation from 2008 to 2009, in the latter part of 2010 BLUE had raised Rs.300 million in a rights issue at a time company’s traditional buyers had cancelled orders and some others had reduced order quantities.
In the company’s recent annual report for the year ended t 31 March 31, 2010, shareholders were informed that even the largest buyer of Blue Diamonds Jewellery who covers most of the Middle East region experienced major difficulties in their business with the United Arab Emirates stock exchange authorities having to re-shuffle the entire board of directors of Damas LLC, Dubai and appoint new member for the board.
However, the most recent published quarterly results for the quarter ended December 31, 2010 outline that the company recorded a net profit of Rs.1.74 million in compared to a loss of Rs.8.5 million in the same quarter of 2009. Consequently company’s Earnings Per Share (EPS) also reached positive 1 cents from a loss of 10 cents reported in 2009 as result of increased turnover from Rs.9.5 million in 2009 to Rs.15.6 million as at end of December 2010.
Courtesy: http://www.thebottomline.lk/2011/05/22/page4.html
In the light of strong global prices for gold and jewellery of late, Sri Lanka’s only diamond exporter, The Blue Diamonds Jewellery Worldwide Plc (BLUE) is speculated to be eyed by an Indian investor, according to market sources. They say that due to this speculation, share prices of BLUE traded on the Colombo Stock Exchange last week has been on a rally opening from a mere Rs. 3.20 on Monday to close as high as Rs. 4.80 on Thursday and closing at Rs. 4.10 on Friday.
When inquired from Blue Diamonds Chairman and Managing Director Bandula Ranaweera about the veracity of the speculation, he however denied divulging any details but added that although there had been several occasions in the market earlier which outlined several new investors eyeing their company, they never became a reality.
At present, BLUE’s major shareholders are Ceylinco Insurance Plc having a 4.6% stake whilst the other related Ceylinco entities have another 3.8% as at December 31, 2010.
After facing challenging years of operation from 2008 to 2009, in the latter part of 2010 BLUE had raised Rs.300 million in a rights issue at a time company’s traditional buyers had cancelled orders and some others had reduced order quantities.
In the company’s recent annual report for the year ended t 31 March 31, 2010, shareholders were informed that even the largest buyer of Blue Diamonds Jewellery who covers most of the Middle East region experienced major difficulties in their business with the United Arab Emirates stock exchange authorities having to re-shuffle the entire board of directors of Damas LLC, Dubai and appoint new member for the board.
However, the most recent published quarterly results for the quarter ended December 31, 2010 outline that the company recorded a net profit of Rs.1.74 million in compared to a loss of Rs.8.5 million in the same quarter of 2009. Consequently company’s Earnings Per Share (EPS) also reached positive 1 cents from a loss of 10 cents reported in 2009 as result of increased turnover from Rs.9.5 million in 2009 to Rs.15.6 million as at end of December 2010.
Courtesy: http://www.thebottomline.lk/2011/05/22/page4.html
