RAPAPORT... Shantivijay Jewels Ltd. reported that group sales rose 28 percent year on year to $4.8 million (INR 264.9 million) during its first fiscal-quarter that ended on June 30, 2012. Net profit, however, declined 9 percent year on year to $211,503 (INR 11.7 million) as tax, finance cost and total expenses rose during the quarter.
Total expenditures rose 30 percent to $4.5 million (INR 251.3 million), while taxes increased 63 percent to $39,316 (INR 2.2 million) and finance cost surged 61 percent to $24,734 (INR 1.4 million), the company stated.
Shantivijay’s major export markets are the U.S., Europe and the Middle East with a product range comprised of bangles, bracelets, earrings, necklaces, pendants and rings in gold and platinum.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange rate conversions by Rapaport News.
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