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Classic Diamonds Posts Loss in 1Q
Aug 17, 2012 6:53 AM
By Dilipp S Nag
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RAPAPORT... Classic Diamonds (India) Ltd. posted a loss of $1.2 million (INR 68.6 million) during its first fiscal quarter that ended on June 30, 2012 as sales declined. The company reported a profit of $17,546 (INR 971,000) during the same period one year ago. Sales slumped 95 percent year on year to $1.2 million (INR 66.4 million) from $22.5 million (INR 1.24 billion) in the year ago period.
Total expenditures declined 93 percent to $1.6 million (INR 85.9 million) for Classic Diamonds, which recently closed its diamond cutting and polishing factory in Surat and its jewelry manufacturing facility in Mumbai’s SEEPZ location.
This past week, the company stated that a consortium of bankers had withdrawn various working capital and export financing facilities and they demanded the company repay its outstanding balances. Classic Diamonds is in the process of negotiating with the banks.
*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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Tags:
Classic Diamonds, diamond, Dilipp S Nag, India, Jewelry, Rapaport
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