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Beruwala Walk-Inn Plc (BINN), which had been quite a hot stock during the past few weeks, posted a net loss of Rs.6937 for March quarter, with a negative book value per share of Rs.165.30.
The ‘Hotel Swannee’ which belonged to the company was extensively damaged by the Tsunami that devastated the Southern, Eastern and Northern coastal lines of the country.
Since then the hotel ceased to operate.
Though the hotel is not making a cent in real terms, BINN share had been amongst the much sought after shares by retailers.
A quick look at the BINN share price revealed that it has appreciated to unimaginable heights. As per the recent records, the BINN share was at 130 levels in the early part of April, and yesterday the share closed at Rs.200, over Rs. 80 down from the previous closed price.
Just to illustrate to what extent the share was in demand, on 25th April alone 23 million BINN shares traded in the Colombo bourse between Rs.253 and 267.
In its March quarterly accounts, the company said it revalued Tsunami-struck property in Beruwela, subsequent to the 2010 Q4 results of the company. The freehold land was revalued upwards from Rs.28 million to Rs. 310 million against the earlier value of Rs. 283 million.
http://print.dailymirror.lk/business/127-local/43805-binn-stocks-hot-company-ceases-to-exist.html
The ‘Hotel Swannee’ which belonged to the company was extensively damaged by the Tsunami that devastated the Southern, Eastern and Northern coastal lines of the country.
Since then the hotel ceased to operate.
Though the hotel is not making a cent in real terms, BINN share had been amongst the much sought after shares by retailers.
A quick look at the BINN share price revealed that it has appreciated to unimaginable heights. As per the recent records, the BINN share was at 130 levels in the early part of April, and yesterday the share closed at Rs.200, over Rs. 80 down from the previous closed price.
Just to illustrate to what extent the share was in demand, on 25th April alone 23 million BINN shares traded in the Colombo bourse between Rs.253 and 267.
In its March quarterly accounts, the company said it revalued Tsunami-struck property in Beruwela, subsequent to the 2010 Q4 results of the company. The freehold land was revalued upwards from Rs.28 million to Rs. 310 million against the earlier value of Rs. 283 million.
http://print.dailymirror.lk/business/127-local/43805-binn-stocks-hot-company-ceases-to-exist.html
