Sale at Classic Diamonds rise by 4%

Classic Diamonds, a Mumbai-based diamond and jewellery manufacturing company noted a 4 percent drop in sales to $29.1 million in its fourth quarter ending 31 March 2010. Its net profit valued $858,876, as compared to $578,198.95 worth of loss in the same period last year. Expenses dropped 7 percent to $25.5 million (INR 1.1 billion) in the three months ending 31 March 2010.

The diamond unit’s sales rose 6 percent to $23.3 million in the said three months, while profits before tax dipped 28 percent to $1.7 million. The jewellery unit sales declined 19 percent to $5.8 million and profits valued $471,437 as compared to $1.2 million worth of net loss in the corresponding three months of 2009. The company’s full fiscal year net sales dropped 4 percent $146.2 million, net profits rose 388 percent to $3.9 million. The diamond unit saw a negligible 1 percent increase in the entire fiscal to $110.8 million, but the jewellery unit sales dropped 15.4 percent to $36 million in the said 12 months.