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RAPAPORT... Gitanjali Gems had a strong first quarter of fiscal 2009 as its jewelry unit boosted sales and profits. Group net profits rose 2 percent to INR 3.35 billion ($7.9 million,) and expenses rose 9.4 percent to INR 6.69 billion ($158.35 million.)
Group sales rose 8.8 percent to INR 7.12 billion ($168.29 million) in the three months ending June 30, 2008, with jewelry sales up 16 percent to INR 2.29 billion ($54.22 million,) and diamond revenues rising 11 percent to INR 5.11 billion ($120.97 million.) Inter segment sales quadrupled to INR 291.69 million ($6.9 million,) the company said.
Sales in India accounted for 48 percent of revenues, with world-wide revenues, including in the United States, making up the remainder. Gitanjali operates 46 stores in the United States, which it took over in its acquisition of Rogers.
Profits before taxation and interest rose 30 percent to INR 4.91 billion ($11.6 million,) with the diamond segment’s profits rising 0.6 percent to INR 2.05 billion ($4.86 million,) and jewelry up 64 percent to INR 2.86 billion ($6.76 million.)
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