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Gitanjali's 3Q Revenue -37%, Profit -71%

Feb 16, 2014 8:18 AM   By Deena Taylor
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RAPAPORT... Gitanjali Gems Ltd. reported that its revenue declined 37 percent year on year to $447 million (INR 27.59 billion) in the third quarter that ended on December 31. The company's earnings fell 71 percent to $8.2 million (INR 505.5 million).

Revenue by segment reflected that diamond sales fell 27 percent to $222 million (INR 13.7 billion), while jewelry sales declined by 37 percent to $262 million ( INR 16.2 billion).

During the first nine months of the fiscal year, revenue decreased 17 percent to $1.56 billion (INR 96.82 billion), while profit plunged 79 percent to $20.6 million (INR 1.3 billion). By segment, diamond sales rose 14 percent to $961 million (INR 59.33 billion), while jewelry sales dropped 27 percent to $806 million (INR 49.72 billion).
Tags: Deena Taylor, diamonds, Gitanjali, jewlery
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