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Tuesday, May 24, 2011

Blue Diamond minimizes losses

By Jithendra Antonio

In its latest annual report, Ceylinco Group-owned Jewellery and Diamond exporter, Blue Diamonds Jewellery Worldwide PLC (BLUE) has outlined that, the company succeeded in minimizing its losses by 40%, during the 12 months ended in 31 March 2011.

Accordingly to company financials, Blue Diamonds revenue had shot up by 769% to Rs.55.8 million compared to Rs.6.42 million last year.

However, the company’s administrative expenses had risen from Rs.16.54 million last year to Rs.33.3 million (up 101%) and has resulted in reporting a overall net loss of Rs.12 million down by 40%, compared to the Rs.20 million loss last year.

Subsequently, the company had minimized its loss per share from 24 cents to 9 cents as at 31 March 2011, whilst the Net Asset Value (NAV) per shared had risen from Rs.1.47 to Rs.2.11 during the twelve months ended in 31 March 2011.

source - www.dailymirror.lk