So how come we can expect a reliable work from them?
AITKEN SPENCE HOTEL HOLDINGS PLC
ANILANA HOTELS AND PROPERTIES PLC
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BLUE DIAMONDS JEWELLERY WORLDWIDE PLC
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CARGO BOAT DEVELOPMENT COMPANY PLC
CEYLON GRAIN ELEVATORS PLC Hot
COLOMBO FORT LAND & BUILDING PLC
COMMERCIAL CREDIT AND FINANCE PLC
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DIALOG AXIATA PLC
DISTILLERIES COMPANY OF SRI LANKA PLC
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F
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HAYLEYS FABRIC PLC
HVA FOODS PLC
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JANASHAKTHI INSURANCE COMPANY PLC
JOHN KEELLS HOLDINGS PLC Hot
JOHN KEELLS HOTELS PLC
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LANKEM CEYLON PLC
LAUGFS GAS PLC
LUCKY LANKA MILK PROCESSING COMPANY PLC
M
N
NATION LANKA FINANCE PLC
NESTLE LANKA PLC
O
P
PEOPLE'S LEASING & FINANCE PLC
PIRAMAL GLASS CEYLON PLC
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RICHARD PIERIS AND COMPANY PLC
RICHARD PIERIS EXPORTS PLC Hot
ROYAL CERAMICS PLC
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W
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@smallville wrote:@Gaja wrote:interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it
I already sent them a note requesting an explanation..
tinyman wrote:For me auditors are not ethical at all. Most of the young guys and girls who works days and nights to meets the deadline are getting paid a allowance (not salary) less than what a estate worker get paid.
So how come we can expect a reliable work from them?
@Gaja wrote:@smallville wrote:@Gaja wrote:interestingly, admin or moderators or any of the members of you have the contact with the company, why don't you informed to the company and ask them to correct it
I already sent them a note requesting an explanation..
Good let us know, if you got the reply
@monash wrote:Smallville i also waited for your post to know the response of company.
Yes of course we can inform this to SEC. i think there is possibility to sue the company also if you have money and time, Consult a lawyer..![]()
Reef is a pure scam.. the latest victim of them is CLND.
tinyman wrote:For me auditors are not ethical at all. Most of the young guys and girls who works days and nights to meets the deadline are getting paid a allowance (not salary) less than what a estate worker get paid.
So how come we can expect a reliable work from them?
@smallville wrote:@monash wrote:Smallville i also waited for your post to know the response of company.
Yes of course we can inform this to SEC. i think there is possibility to sue the company also if you have money and time, Consult a lawyer..![]()
Reef is a pure scam.. the latest victim of them is CLND.
Well to be honest with, I dont have a single share even warrants.. but just for the community service I tried informing the company toget some response.. They didnt have the courtesy to accept it a mistake or whatever further assures this is a pure scam![]()
![]()
Well I have other fish to fry.. so if some can post this to SEC, would be glad..
@gann wrote:Maybe they have added the capital gain from CLND implicitly
@slstock wrote:@gann wrote:Maybe they have added the capital gain from CLND implicitly
If you are serious . no can do. This is for quarter ending March 31st isn't it.
In anycase it is inexcusable to make such drastic errors. If they have an alternative way of calculating EPS it is in decent interest to let the public know.
@greedy wrote:A similar mistake that I found in Browns IPO..... (I posted this in another forum)
I was looking at Browns IPO Prospectus & came across this funny EPS figure in the accounts for the 9 months ended 31.12.2010. As per the prospectus, the EPS number is LKR4.917. There were 98mn shares as of 31 March 2010 and this was sub divided in an 1:10 ratio in 16/11/2010. Post split number of shares became 980mn shares.
As per the income statement, net profit for the 9 month period ended 31.12.2010 is LKR1,445.556mn.
Therefore, based on the above numbers the EPS for the period is;
EPS = LKR1,445.556mn/980mn
= LKR1.475.
So how did they get an EPS of LKR4.917? Is this an error or done deliberately?
I Guess they have done a wrong Calculation. The below could have been their calculation which is wrong...
Net Profit for the period LKR1,445.556mn
Weighted Average Number of shares (98mn+882mn/9months*2months) = 294mn shares
EPS = LKR1,445.556/294mn shares
EPS = LKR 4.917
Anyone with accounting knowledge would know that when there is a share split, EPS needs to be calculated based on post split numbers not by weighted average number of shares.
These are the ways that companies use to fool the investers who are not with good knowledge in accounting.@smallville wrote:@greedy wrote:A similar mistake that I found in Browns IPO..... (I posted this in another forum)
I was looking at Browns IPO Prospectus & came across this funny EPS figure in the accounts for the 9 months ended 31.12.2010. As per the prospectus, the EPS number is LKR4.917. There were 98mn shares as of 31 March 2010 and this was sub divided in an 1:10 ratio in 16/11/2010. Post split number of shares became 980mn shares.
As per the income statement, net profit for the 9 month period ended 31.12.2010 is LKR1,445.556mn.
Therefore, based on the above numbers the EPS for the period is;
EPS = LKR1,445.556mn/980mn
= LKR1.475.
So how did they get an EPS of LKR4.917? Is this an error or done deliberately?
I Guess they have done a wrong Calculation. The below could have been their calculation which is wrong...
Net Profit for the period LKR1,445.556mn
Weighted Average Number of shares (98mn+882mn/9months*2months) = 294mn shares
EPS = LKR1,445.556/294mn shares
EPS = LKR 4.917
Anyone with accounting knowledge would know that when there is a share split, EPS needs to be calculated based on post split numbers not by weighted average number of shares.
Welcome to the forum buddy.. Hope you're the same person..
And good finding..
However I think even with the correct EPS figure of 1.4, Browns inv. is fairly ok.. but its shame on EPS calculation![]()
First VFIN then REEF now BIL.. Seems like accountants are not that intelligent these days or authorities don't care.. Shame on us for not looking at this earlier too.![]()
@kiwi wrote:REEF have corrected the EPS figure now. I am not sure if there was any explanation given. http://www.cse.lk/cmt/upload_report_file/568_1307353270.pdf
@Chinwi wrote:@kiwi wrote:REEF have corrected the EPS figure now. I am not sure if there was any explanation given. http://www.cse.lk/cmt/upload_report_file/568_1307353270.pdf
Can anyone tell me who is the ultimate owner of REEF ?
Is that still Mr. KDD (PABC) or Mr. DJ (Imagewise)
(Pl. Refer above report )
@hariesha wrote:In VFIN its anualised EPS, not for the qtr. Correctly all companies should show their EPS in anualised format. So in VFIN EPS of 4.64 is correct and it trades @ PER of 9.2 which is atractive.
@sapumal wrote:I don't have any disagree with your point innam. They can't show a EPS using this statement. It is a magic figure
My point is they had a EPS of Rs 7 during last quarter due to the land revaluation and it is in the balance sheet.
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Sri Lanka Equity Forum » Stock Market Talk » Expert Chamber » REEF and VFIN- Accountants who can't calculate
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