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Gitanjali's 4Q Revenue +27%, Loss Shrinks

Jun 4, 2015 7:19 AM   By Ronen Shnidman
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RAPAPORT... Gitanjali reported that its revenue rose 27 percent year on year to $544.1 million (INR 34.87 billion) during the fourth  quarter that ended on March 31, 2015. The group's loss narrowed to $5.9 million (INR 375.8 million) compared with  $14.2 million (INR 913 million) one year earlier.

Revenue from the group’s loose diamond manufacturing segment increased 13 percent to $222.7 million (INR 14.25 billion) during the quarter. The jewelry manufacturing segment reported that revenue grew 53 percent to $370.9 million (INR 23.73 billion).

Within the loose diamond segment, operating profit  plummeted 64 percent to $342,000 (INR 21.9 million). In contrast, the  jewelry division's operating profit almost quadrupled to $3.1 million (INR 195.9 million).

The company also noted in its financial statements that it had yet to pay its entire income tax, VAT and others from the fiscal year that closed on March 31. The group also said that it had $381,000 (INR 24.4 million) in overdue non-convertible debentures payments. Gitanjali’s auditor noted that the company had not yet set aside provisions to make the delayed debenture payments.

Tags: Gitanjali, Jewelry, loose diamonds, polished prices, Ronen Shnidman
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