SUASHISH net profits increased from 28.23 crores to 43.32 crores

Suashish Diamonds Ltd, a Diamond Trading Company (DTC) sightholder, registered an 8.2 per cent increase in its annual sales for the year ended December 31, 2006. The company’s sales of 2006 amounted to Rs.933.47 crore ($216 million) compared to Rs.862.24 crore ($199 million) a year earlier. Profit after tax increased 53.5% from Rs.28.23 Crores in 2005 to Rs.43.32 Crores in 2006.

According to a statement made to the Bombay Stock Exchange on March 13th, the company paid 7 per cent share of annual profits to shareholders as interim dividends.

Commenting on the performance, Mr. Ashish Goenka, M.D of Suashish Diamonds Ltd., said, “The Company has performed very well during the year. Along with the developed markets of the US and Europe, the Company’s strategy to expand its presence in the emerging markets of India, China has been successful.The decision of moving closer to Retailers has paid rich dividends in the form of increased customer loyalty and substantially better-margins. The brand Ishi’s has done very well in the past year and the company will be further investing to increase its distribution by 100%”.