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Gitanjali’s 3Q Revenue, Profit Dip on 20% Drop in Diamond Sales
Feb 14, 2016 10:37 AM
By Rapaport News
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RAPAPORT... India-based Gitanjali Gems reported revenue declined 1.5 percent year
on year to $499 million (INR 34 billion) in the third quarter that ended
December 31 as a slump in diamond sales outweighed an increase in jewelry
revenue.
The company sold diamonds worth $120.1 million
during the three months, a 20-percent decline over a year ago. Jewelry sales,
meanwhile, advanced 7 percent to $397.5 million, according to a statement by
the Mumbai-listed jeweler February 13.
Net profit for
the period sunk 18 percent to $11.6 million as expenses only dropped 1.2
percent – not enough to balance out the decline in revenue. The diamond
segment’s profit dived 73 percent to $1 million and jewelry profit slid 37
percent to $31.5 million.
The business was negatively
affected by regulatory restrictions on gold imports and unfavorable
exchange-rate fluctuation, the company said.
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Tags:
Gitanjali Gems, India, Rapaport News, retail, retail sales
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