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Goldiam's 4Q Sales -24%, Profit -38%
May 30, 2012 2:32 AM
By Dilipp S Nag
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RAPAPORT... Goldiam International Ltd. reported that group net sales fell 24 percent year on year to $8.2 million (INR 453.4 million) during its fourth fiscal-quarter that ended on March 31, 2012, due in large part to weak jewelry sales. Net profits declined 38 percent to $288,085 (INR 15.9 million), partly due to higher finance costs and tax expenses.
Jewelry business sales fell 42 percent to $6.5 million (INR 357.5 million), while the company's investments segment grew to $443,048 (INR 24.5 million) from $149,195 (INR 8.3 million) a year earlier.
Total expenses declined 29 percent to $7.4 million (INR 410.6 million) during the quarter.
For the fiscal year, Goldiam’s net profit fell 18 percent year on year to $2.8 million (INR 152.3 million), while net sales increased 3 percent to $44.3 million (INR 2.45 billion).
The Mumbai-based company, whose product line includes 7,000 products such as rings, earrings, pendants, bracelets, bangles and necklace designs, exports 70 percent of its annual production to the U.S.
*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:
Dilipp S Nag, Goldiam, Goldiam International, India, Jewelry, Rapaport
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