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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » BLUE Diamond History and Current Situation !!

BLUE Diamond History and Current Situation !!

2 posters

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Roshan Fernando

Roshan Fernando
Senior Equity Analytic
Senior Equity Analytic

Blue Diamond is marvelous company, they collect money by issuing rights and made their administration expenses. According to the data in CSE site, they have never paid any dividend for their shareholders.

They collect money by using two right issues in 2010 and 2015, the collected total money is Rs.454 Millions ( 300M in 2010, 154M in 2015), but now the company total assets is Rs.330millions less than that amount received from two rights. How can it happen !!! They never try to expand or improve their sales. Every year company make loss and increasing minus retraining earning, Then the board approved to reduction of state capital to cut the minus retain earning. It happened in 2011.

Now BLUE retain earning is minus 207 millions and year by year it is increasing. I hope the time is come to reduction of state capital to cut the retaining earning !!! They planed lot to do by recent right but as far as I know nothing happen !!


How can they approve the right and company is playing innocent shareholder’s money  !! I am considering only BLUE but there are many company like this!!!


Now special purpose audit was appointed to check financial report,recent right and ...... , but now the time had already past !!

EquityChamp

EquityChamp
Moderator
Moderator

I also noted this. I know some people who are working there in the accounts department. They said they are posting fake entries to reduce profit and thereby avoid taxation. Also there are some management fee involves which is a way to syphon money to owners. By the way those employees are well payed. How does a loss making company can do that?

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